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Allushta [10]
3 years ago
7

Michael obtains a 30/8 balloon mortgage to finance $425,500 at 6.55%. How much principal and interest will he have already paid

when his balloon payment is due?
Mathematics
1 answer:
STALIN [3.7K]3 years ago
4 0

Answer:

$259 532  

Step-by-step explanation:

Step 1. Calculate the monthly payments on a 30-year loan.

The formula for the monthly payment (P) on a loan of A dollars that is paid back in equal monthly payments over n months, at an annual interest rate

of r % is

P = A(\frac{r}{1-(1+r)^{-n}})

<em>Data: </em>

We must express the interest rate on a monthly basis.

i = 6.55 %/yr = 0.545 83 %/mo = 0.005 4583

A = $425 500

n = 360 mo

<em>Calculation: </em>

P = 425 500(\frac{0.005 4853}{1-(1+0.005 4583)^{-360}})

P = \frac{2332.22}{{1- {1.005 4583}}^{-360}}

P = \frac{2332.52}{1 – 0.140907}

P = \frac{2332.52}{0.859 093}

P = $2703.46

B. Total Payment (T) after 8 years

T = nP

T = 96 × 2703.46

T = $259 532

Michael will have paid $259 532 at the end of eight years.

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I don’t understand :(
viktelen [127]

Answer:

The quotient when x^3-4x^2-8x+8 is divided by x+2 is x^2-6x+4 with no remainder, so x+2 is a factor of p(x).

Step-by-step explanation:

As the question suggests, there are two ways to solve this problem: long division (which can always be used to divide polynomials), and synthetic division (which can only be used when you are dividing by something of the form (x-a). In this case, we may use synthetic division, since x+2 is equal to x-(-2). I will use synthetic division here as it is slightly faster than long division.

The -2 on the left represents that we are dividing by x-(-2), and the rest of the numbers in the top row are the coefficients of p(x): 1, -4, -8, and 8.

The first step in synthetic division is to being down the leading coefficient of the polynomial: in this case, the 1 (as indicated in red). Now, we multiply the 1 by -2. We get -2, which we place directly below the -4.

Next, we add directly down the column, (-4 + (-2) is equal to -6), and this answer is placed in the box below. We can continue this process, getting the coefficients 1, -6, 4, and 0 in the bottom row.

This is the answer: the quotient is x^2-6x+4, and the remainder is zero (which indicates that x+2 is a factor of p(x)).

--

Edit: long division

We may also solve this problem using long division (see the second image). The first step is to look at the leading coefficients: since x \times x^2 is equal to x^3, the first term in the quotient will be x^2. Since x^2 \times (x+2) is equal to x^3+2x^2, we must now subtract that from x^3-4x^2-8x+8.

We repeat the same process, as shown in the image. Since we eventually get to zero, the remainder is zero, and the polynomial at the top (x^2-6x+4) is the quotient.

<em>I know this might be difficult to follow, so please comment if you have any questions.</em>

4 0
3 years ago
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do 2*52 which gives you 104 so 104 dollars

6 0
3 years ago
The negative sign can be read as "the opposite of."
Luda [366]
If this is a True or False question, that is true.
4 0
3 years ago
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Calvin’s credit card computes finance charges using the daily balance method. his card has a billing cycle of 30 days and an apr
Alenkasestr [34]

The amount of calvin’s starting balance for the next month will be C. $625.91.

<h3>How to calculate the amount?</h3>

From the information given, the monthly percentage rate will be:

= 14.75/12

= 1.22%

Therefore, the amount of calvin’s starting balance for the next month will be $625.91.

In conclusion, the correct option is C.

Learn more about amount on:

brainly.com/question/17785784

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5 0
2 years ago
What is 4/10 of 0.04
cluponka [151]
4/10  x 0.04 = (of means multiply)
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3 years ago
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