(hw#41 q#10) help asap

Clark and Lana take a 30-year home mortgage of $128,000 at 7.8%, compounded monthly. They make their regular monthly payments fo

svp [43]

Answer:

Step-by-step explanation:

From the given information:

The present value of the house = 128000

interest rate compounded monthly r = 7.8% = 0.078

number of months in a year n= 12

duration of time t = 30 years

To find their regular monthly payment, we have:

$PV = P \begin {bmatrix} \dfrac{1 - (1 + \dfrac{r}{n})^{-nt}}{\dfrac{r}{n}} \end {bmatrix}$

$128000 = P \begin {bmatrix} \dfrac{1 - (1 + \dfrac{0.078}{12})^{- 12*30}}{\dfrac{0.078}{12}} \end {bmatrix}$

128000 = 138.914 P

P = 128000/138.914

P = $921.433

∴ Their regular monthly payment P = $921.433

To find the unpaid balance when they begin paying the $1400.

when they begin the payment ,

t = 30 year - 5years

t= 25 years

$PV= 921.433 \begin {bmatrix} \dfrac{1 - (1 - \dfrac{0.078}{12})^{25*30}}{\dfrac{0.078}{12}} \end {bmatrix}$

PV = $121718.2714

C) In order to estimate how many payments of $1400 it will take to pay off the loan, we have:

$121718.2714 = \begin {bmatrix} \dfrac{1300 (1 - \dfrac{12.078}{12}))^{-nt}}{\dfrac{0.078}{12}} \end {bmatrix}$

$121718.2714 = 200000 \begin {bmatrix} (1 - \dfrac{12.078}{12}))^{-nt} \end {bmatrix}$

$\dfrac{121718.2714}{200000 } = \begin {bmatrix} (1 - \dfrac{12.078}{12}))^{-nt} \end {bmatrix}$

$0.60859 = \begin {bmatrix} (1 - \dfrac{12}{12.078}))^{nt} \end {bmatrix}$

$0.60859 = (0.006458)^{nt}$

$nt = \dfrac{0.60859}{0.006458}$

nt = 94.238 payments is required to pay off the loan.

How much interest will they save by paying the loan using the number of payments from part (c)?

The total amount of interest payed on $921.433 = 921.433 × 30(12) years

= 331715.88

The total amount paid using 921.433 and 1300 = (921.433 × 60 )+( 1300 + 94.238)

= 177795.38

The amount of interest saved = 331715.88 - 177795.38

The amount of interest saved = $153920.5

6 0

3 years ago

Correct answer gets brainliest

rosijanka [135]

Answer:

yea its 828

Step-by-step explanation:

Its alotta work that ion wanna type but that should b the answer

4 0

3 years ago

I need help with this it’s geometry Pythagorean theorem

Trava [24]

Answer:

E)82

Step-by-step explanation:

The formula is

A^2 + B^2= C^2

the two sides that make up the right angle is always A and B

3 0

3 years ago

Read 2 more answers

Sin 3pi divided by 4

KATRIN_1 [288]

Sin 3pi/4 is angle 135 degrees or 45 degrees below 180 degrees. Hence it's opposite side is 1 and adjacent is 1, implying the hypothenus is sqrt(2). Hence

Sin 3pi/4 = 1/sqrt(2). Now multiply by sqrt(2)/sqrt(2) to get:

[1/sqrt(2).] * [sqrt(2)/sqrt(2)] = sqrt2)/2

6 0

3 years ago

William and Stephanie are playing a rather dangerous game of catch on the rooftops of skyscrapers in downtown Chicago. William i

olasank [31]

The question involves the concept & equations associated with projectile motion.

Given:
y₁ = 1130 ft
v₁ = +46 ft/s (note positive sign indicates upwards direction)
t = 6.0 s
g = acceleration due to gravity (assumed constant for simplicity) = -32.2 ft/s²

Of the possible equations of motion, the one we'll find useful is:

y₂ = y₁ + v₁t + 1/2gt²

We can just plug and chug to define the equation of motion:

y = (1130 ft) + (46 ft/s)t + 1/2(-32.2 ft/s²)t²

(note: if you were to calculate y using t = 6.0 s, you'd find that y = 826.4 ft, instead of 830 ft exactly because of some rounding of g and/or the initial velocity)

7 0

4 years ago