1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
fiasKO [112]
3 years ago
14

If the purchase price for a house is $345,000, what is the monthly payment if you put 10% down for a 30 year loan with a fixed r

ate of 6.375%?
Mathematics
2 answers:
Alborosie3 years ago
5 0

Answer:

The monthly payment would be $1,937.12

Step-by-step explanation:

1. Organize the data:

Initial Value= $345,000

Down Payment = 10% of Inicial Value

Nper (Number of payments)= 30 years

Rate = 6.375%

2. Down Payment

As it is 10% of the Initial Value, you could calculate it as is shown in the following:

10% = \frac{10}{100} = 0,1

10% * (345,000) = 0,1 * 345,000 = 34,500

3. Present Value (PV)

The total amount that will be borrow is:

PV = Initial Value - Down Payment

PV=345,000 - 34,500\\ PV=310,500

4. Adequate the data: To determine the monthly payment is better adequate the Nper and Rate in months as following:

Nper=30 years*\frac{12 months}{1 year} =360 months\\Rate= \frac{6.375}{12}=0.531 %= 0.00531

5. Apply the equation:  Remember that the equation that calculate the payment for a loan based on constant payments is:

c=\frac{PV*Rate}{1- (1+Rate)^{-Nper}}

6. Perform the equation: Replace the numbers in the corresponding variables of the upper equation.

c=\frac{310,000*0,00531}{1- (1+0,00531)^{-360}}\\c=1,937.12

Finally, the monthly payment would be $1,937.12

mestny [16]3 years ago
3 0
It would be <span>b.<span>$1,937.12.

Thank you! I am sorry if this was a bit late.
</span></span>
You might be interested in
I need help asap please!
Sunny_sXe [5.5K]

Answer:

Check the attachment as solved.

brainliest please ;)

5 0
3 years ago
What number times it self 3 times equals 729
katrin2010 [14]
729 ÷ 3 = 243
so if you do 243 × 3 = 729
so your answer will be 243
3 0
3 years ago
What is 1,207.43% times 83.53$
Sati [7]

Answer:

1 008.56628 US$ kkkkkkkkkk

4 0
2 years ago
Read 2 more answers
If the point (b,15) lies on the straight line with equation Y=5x fonde the value of b ?
Andrej [43]

Answer:

b = 3

Step-by-step explanation:

Substitute the y- coordinate 15 into the equation , that is

15 = 5x ( divide both sides by 5 )

3 = x

This is the x- coordinate of the point , so b = 3

7 0
2 years ago
Need some help please!!​
ella [17]

Answer:

The other point on the diameter which is also on the circle is; (-3, 2)

Step-by-step explanation:

The center of the circle, also a point where the diameter crosses, is (3, 6)

The diameter touches the circle at point (9, 10)

The displacement is (9 - 3, 10 - 6) = (6, 4)

This means that we move, +6 units along the x-axis and +4 units along the y-axis , from the center of the circle in order to reach point (9, 10)

If we want to reach the other point on the diameter which also on the circle, we move -6 units along the x-axis and -4 units along the y-axis to get;

(3, 6) - (6, 4) = (-3, 2)

6 0
3 years ago
Other questions:
  • Given the Formula E equals IR what is the formula R
    11·2 answers
  • An employee worked for 8 hours in 2 days, 6 hours on 1 day and 4 hours on 2 days. What is the average number id hours the employ
    9·2 answers
  • Write an equation of the line passing through the given point (6,-7) and having the given slope m=-9. Write the final answer in
    13·1 answer
  • Quick algebra problem, please show work!
    12·1 answer
  • What is the value of y in this equation?<br><br> 0.017y = 5.1
    8·2 answers
  • How many zeros would you have after the 7 if you took 7 times 10 to the 3rd power
    12·1 answer
  • 26 is what percent of 130?<br> Please answer quickly no jokes.
    15·1 answer
  • When playing the lottery game Cash4Life, you must choose a cash ball number from 1 through 4. What is the probability that the r
    10·1 answer
  • PPLLLLLLLLLLLLLLEEEEEEEEEEEAAAAAAAAAASSSSSSSSSSSSSEEEEEEEEEE<br> Help
    8·1 answer
  • An online store typically ships packages at a rate of 15 orders every 5 hours. At this rate, how many hours will it take to ship
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!