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ANEK [815]
3 years ago
7

Karl is purchasing a $205,000 home with a 30-year mortgage at 5.5%. Because he is not making a down payment, PMI in the amount o

f $97.50/month is required for the first 2 years of the loan. Based on this information, what is the total cost of this loan?
Mathematics
2 answers:
Rina8888 [55]3 years ago
6 0
$421,369.20 , I just had this question on Apex.

bagirrra123 [75]3 years ago
4 0

Answer:

The total loan payment is:is $1,024,050

Step-by-step explanation:

To know the total cost of this loan we must sum the the purchasing the mortgage loan LM and the PMI:

L=LM+PMI

The 30-year mortgage loan of $205,000 at 5.5% interest rate can be calculated as:

LM=$205,000*(1+0.055)^30

LM=$205,000*4.984 = $1,021,710

Then for the PMI over 24 months:

PMI: $97.5* 24 = $2,340

Therefore the total loan payment is:

L= $1,021,710 + $2,340 = $1,024,050

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Please solve quickly
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2 years ago
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5 0
3 years ago
The areas of two similar triangles are 72dm2 and 50dm2. The sum of their perimeters is 226dm. What is the perimeter of each of t
zloy xaker [14]

Answer:

103=  p small

plarge = 123

Step-by-step explanation:

We know that the the ratio of the areas is the scale factor squared/

Larger triangle over smaller triangle

72

----- = scale factor ^2

50

simplify by dividing by 2 on top and bottom

36

----- = scale factor ^2

25

Take the square root of each side

sqrt(36)

-------------- = sqrt(scale factor ^2)

sqrt(25)

6

-------------- = scale factor

5

The ratio of the perimeters is the scale factor

p large             6

-------------- = ----------------

 p small                5

Using cross products

6 p large = 5 p small

We know the sum is 226

p large + p small = 226

p large = 226 - p small

We have 2 equation and 2 unknowns

6 p large = 5 p small

Substitute for p large

6 (226 - p small) = 5 p small

1356 - 6 p small = 5 p small

Add 6 p small to each side

1356 = 11 p small

divide by 11

1356/11 =  p small

P large = 226-1356/11

p large = 2486/11-1356/11

plarge = 1130/11

The solution requires whole number answers so

1356/11 =  p small

123.27 which rounds to 123

plarge = 1130/11

plarge = 102.7272 = 103

6 0
3 years ago
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