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Lisa [10]
3 years ago
8

Help me with the answer

Mathematics
1 answer:
rodikova [14]3 years ago
4 0
Y=mx+b to solve its really easy good luck
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Lenny and Lisa have obtained a 30-year, fixed rate mortgage for $675,250 with a 7.25% interest rate. They purchased 3 points and
Vikentia [17]

Answer:

119 months

Step-by-step explanation:

In this question, we are asked to calculate the amount of time it would take for a break-even point on a mortgage, if there is a factoring in the cost of points.

We proceed to answer the;

Mathematically,

The Break Even Point = Amount Paid for purchasing Discount Points divided by Monthly savings in the interest payments

We lost out the important values given in the question as follows:

Amount of Mortgage - $675,250

Tenure - 30 Years

The Rate of interest without points = 7.25%

The number of points = 3 points

The rate of interest with the 3 points = 6.875%

The amount to be paid for purchasing the discount point is now calculated below;

Since 1 discount point = 1% of mortgage value;

Therefore, 3 discount points = 3% of mortgage value

The amount paid is thus = 3% of $675,250 = $20,257.5

To calculate Monthly payment without points, we use the mathematical formula;

M = P[r(1+r)^n/((1+r)^n)-1)]

Where M

Is monthly payment, r is the interest rate, n is the number of months.

According to the question M = 675,250, r = 7.25% = 7.25/100 = 0.0725 , n= 30 * 12 months = 360 months

M = 675,250[0.0725(0.0725+1)^30/(1+0.0725)^360)-1) = $4606.40

To get the monthly payment with points, we simply use the formula again but this time interest rates will be 6.875% = 0.06875 I.e r = 0.06875

Inputting the terms in the formula will yield a value of $4435.91. This means monthly payment with discount will be $4435.91

Savings in monthly payments after purchasing the discount points = $4,606.40 - $4,435.91 = $170.48

Break Even = Purchase cost of Discount Points / Monthly savings

= $20,257.5 / $170.48

= 119 Months

Hence, the number of months it will take Lisa and Lenny to break-even point on their mortgage will be 119 months

6 0
3 years ago
How do I do this please explain step-by-step!!
dedylja [7]

Answer:

3231433245

Step-by-step explanation:

4 0
3 years ago
Help pls!!!!! Brainliest goes to first right answer
zepelin [54]

Answer:

96 inch²

Step-by-step explanation:

there are 2 shapes,

1. a square

2. a triangle

lets find the area of the square first,

<u>AREA = SIDE × SIDE</u>

= 8 × 8

= 64 inch²

now, area of triangle ,

area \:  =  \frac{1}{2}  \times base \:  \times height \:

=  \frac{1}{2}  \times 8 \times 8 \\  =  \frac{1}{2}  \times 64 \\  = 32 \:  {inch}^{2}

so, total area is :

area of square + area of triangle

= 64 + 32

= 96 inch²

7 0
3 years ago
Read 2 more answers
Which is the graph of the equation y-1=2/3(x-3)? <br> PLEASE ANSWER ASAP
alexgriva [62]

Answer:

Graph #1

Step-by-step explanation:

Compare your

y - 1 = (2/3)(x - 3) to

y - k = m(x - h).  We see that k = 1 and h = 3.

Thus, (1, 3) is a point on the graph.  This matches Graph #1.  

Note: Graph #1 and Graph #3 appear to be the same.  Why?

8 0
3 years ago
Read 2 more answers
8+3(5-1) =20 I am very confused on how this equals 20, someone please explain. thanks
soldier1979 [14.2K]

Step-by-step explanation:

first you have to do the subtraction in the parentheses so it's 8+3(4) and then you multiply the 3 by 4 (only the 3 because the 8 isn't next to the multiply) and then you have 12, add 8 and it's 20

7 0
3 years ago
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