Ask question

Ask question

All categories

3 years ago

14

A investor obtained a loan of $600,000 to buy a car wash business. The monthly mortgage payment was based on 30 years at 5.5%. F

ind the monthly mortgage payment.

1 answer:

Lisa [10]3 years ago

4 0

Answer:

The monthly mortgage payment is $ 8306.58

Step-by-step explanation:

Given as :

The loan taken as $ 600,000

The rate of interest = 5.5 %

The time period = 30 Years

So, from compounded method

Amount = principal × $(1 +\frac{Rate}{100})^{Time}$

or, Amount = $ 600,000 × $(1 +\frac{5.5}{100})^{30}$

Or, Amount = $ 600,000 × $(1.055)^{30}$

∴ Amount = $ 2990370.77

<u>Now for The monthly mortgage payment </u>

∵ Time period is 30 years

So , 30 years = 12 × 30 = 360 months

∴ Amount payment in monthly =$ $\frac{2990370.77}{360}$

Or, Amount payment in monthly =$ 8306.58

Hence The monthly mortgage payment is $ 8306.58 Answer

You might be interested in

How to solve 4/7y-2 = 3/7 + 3/14

lisabon 2012 [21]

Solution

1) Simplify $\frac{4}{7y}$ <span> to </span> $\frac{4y}{7}$
$\frac{4y}{7}$ <span>−2= </span> $\frac{3}{7}$ + $\frac{3}{14}$

2) Simplify $\frac{3}{7}$ + $\frac{3}{14}$ <span>to <span>914</span>
</span> $\frac{4y}{7}$ <span>−2= </span> $\frac{9}{14}$

3) <span>Add 2 to both sides
</span> $\frac{4y}{7}$ = $\frac{9}{14}$ <span>+2
</span>
4) Simplify $\frac{9}{14
}$ <span><span>+2</span> to </span> $\frac{37}{14}$
$\frac{4y}{7}$ = $\frac{37}{14}$

5) <span>Multiply both sides by 7
</span><span>4y= </span> $\frac{37}{14}$ <span>×7
</span>
6) Simplify $\frac{37}{14}$ <span><span>×7</span> to </span> $\frac{259}{14}$
$\frac{4y}{7}$ = $\frac{259}{14}$

7) Simplify $\frac{259}{14}$ <span> to </span> $\frac{37}{2}$
$\frac{4y}{7}$ = $\frac{37}{2}$

8) <span>Divide both sides by 4
</span>y= $\frac{37}{2}$ <span>×4
</span>
9) <span>Simplify <span>2×4</span> to 8
</span><span>y=</span> $\frac{37}{8}$
<span><span>
Hope this helps

</span></span>

5 0

3 years ago

A plan that costs $29.99 another company $19.99 and $0.35 during nights and weekends for what numbers of night and weekend does

Masja [62]

Answer:

<em>29 minutes more</em>

Step-by-step explanation:

Let m represent minutes

changing the statement to algebra, since the second company charges a different rate at night and weekend we have the equation below;

$19.99 + $0.35m > $29.99

Subtract 19.99 from both sides to isolate m and we have;

$19.99 -$19.99 + $0.35 > $29.99 - $19.99

= $0,35m > $10.00

Divide both side by 0.35 to obtain the value of m;

$\frac{0.35m}{0.35}$ > $\frac{10}{0.35}$

= m > 28.57

<em>m ⩾ 29 minutes</em>

<em>The second company's will be twenty nine minutes or more costlier than the first company</em>

5 0

3 years ago

Read 2 more answers

Please answer! Will mark brainliest. <br><br> -3|5x-2|>4

Mrac [35]

Answer:

Step-by-step explanation:

eact from : x= 2, 6/5

decial from : x= 2, -1.2

mixed number from :x= 2, - 1 1/5

6 0

3 years ago

Read 2 more answers

What is the volume of the cone?<br> Cone v = BA<br> 10 cm<br> 0<br> 0<br> 7 cm<br> 0<br> 0

Drupady [299]

If you could Explain more

4 0

3 years ago

A solid is formed by adjoining two hemispheres to the ends of a right circular cylinder. An industrial tank of this shape must h

mestny [16]

Answer:

Radius =6.518 feet

Height = 26.074 feet

Step-by-step explanation:

The Volume of the Solid formed = Volume of the two Hemisphere + Volume of the Cylinder

Volume of a Hemisphere $=\frac{2}{3}\pi r^3$

Volume of a Cylinder $=\pi r^2 h$

Therefore:

The Volume of the Solid formed

$=2(\frac{2}{3}\pi r^3)+\pi r^2 h\\\frac{4}{3}\pi r^3+\pi r^2 h=4640\\\pi r^2(\frac{4r}{3}+ h)=4640\\\frac{4r}{3}+ h =\frac{4640}{\pi r^2} \\h=\frac{4640}{\pi r^2}-\frac{4r}{3}$

Area of the Hemisphere = $2\pi r^2$

Curved Surface Area of the Cylinder = $2\pi rh$

Total Surface Area=

$2\pi r^2+2\pi r^2+2\pi rh\\=4\pi r^2+2\pi rh$

Cost of the Hemispherical Ends = 2 X Cost of the surface area of the sides.

Therefore total Cost, C

$=2(4\pi r^2)+2\pi rh\\C=8\pi r^2+2\pi rh$

Recall: $h=\frac{4640}{\pi r^2}-\frac{4r}{3}$

Therefore:

$C=8\pi r^2+2\pi r(\frac{4640}{\pi r^2}-\frac{4r}{3})\\C=8\pi r^2+\frac{9280}{r}-\frac{8\pi r^2}{3}\\C=\frac{9280}{r}+\frac{24\pi r^2-8\pi r^2}{3}\\C=\frac{9280}{r}+\frac{16\pi r^2}{3}\\C=\frac{27840+16\pi r^3}{3r}$

The minimum cost occurs at the point where the derivative equals zero.

$C^{'}=\frac{-27840+32\pi r^3}{3r^2}$

$When \:C^{'}=0$

$-27840+32\pi r^3=0\\27840=32\pi r^3\\r^3=27840 \div 32\pi=276.9296\\r=\sqrt[3]{276.9296} =6.518$

Recall:

$h=\frac{4640}{\pi r^2}-\frac{4r}{3}\\h=\frac{4640}{\pi*6.518^2}-\frac{4*6.518}{3}\\h=26.074 feet$

Therefore, the dimensions that will minimize the cost are:

Radius =6.518 feet

Height = 26.074 feet

5 0

3 years ago