Answer: The loan estimate is standardized, and lists services you are allowed to shop for. You may not be able to shop for an appraisal fee or a credit report fee, but be able to shop for a land survey and title insurance. Lenders will vary in their requirements. Explanation: The Good Faith Estimate (GFE) was designed to encourage consumers to shop and then compare fees from various lenders before choosing a mortgage provider. Its original purpose was to help consumers understand what services they could shop for-so they not only received the lowest interest rate and best terms but saved significantly on closing costs as well.
For problem 2, you are correct in stating that a curve forms. Specifically, if we were to trace along the outer edge of the shape, then we'd form a <u>parabola</u> that has been tilted 45 degrees compared to the more familiar form that students are taught (where the axis of symmetry is vertical).
For more information, search out "Tangent method for parabolas". As the name implies, the tangent method draws out the tangents of the parabola which helps form the parabola itself.
Everything else on your paper is correct. You have problem 1 correct, and the table is filled out perfectly. Nice work.
{{{ THE BOLDED CHARACTERS SHOULD BE SMALL. }}}
SEQUENCE: 6, 18, 54, 162
18/6 = 3
54/18 = 3
162/54 = 3
then, r (common ratio) = 3
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RECURSIVE RULE: r = 3
an = a(n - 1) × r [formula]
ANSWER: an = a(n - 1) × 3
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ITERIATIVE RULE: r = 3, a1 = 6
an = a1 × r^(n - 1) [formula] [ ^(n-1) is an exponent]
ANSWER: an = 6 × 3^(n - 1)
