Eric's goal is to walk 2.75 miles to and from the park every day for an entire year. If he meets his goal' how many miles will E
ric walk?
2 answers:
Eric will walk 1003.75 miles in a year if he meets his goal.
<h3>Further Explanation</h3>Eric goal is 2.75 miles/day
How many miles in one year?
so in a year, Eric will walk:
Here is how to do decimal numbers multiplication using standard algorithm (You can see in the attachment below how to multiply using the area model)
2.75 ⇒ 2 decimal place
<u> 365 </u>x ⇒ 0 decimal place (a whole numbers)
1375
1650
<u> 825 </u>+
1003.75 ⇒ 2 decimal place
Here how to determine where the decimal point, from the calculation above
First factor has 2 decimal place
Second factor has no decimal place,
so the result would have 2 decimal place (2+0)
In doing decimal numbers multiplication we don't need to line the decimal place.
<h3>Learn More</h3>Total spend brainly.com/question/12203917
Decimal numbers multiplication brainly.com/question/2181998
Decimal numbers multiplication brainly.com/question/1254534
Keywords: multiplication, decimal multiplication, three digits number additional, additional, multiplication, three digit numbers, subtraction decimal numbers
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Answer:
Decimal Form:
Step-by-step explanation:
Remove Parentheses:
Multiply the numbers:
Divide both sides by:
Simplify:
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Answer:
The mortgage chosen is option A;
15-year mortgage term with a 3% interest rate because it has the lowest total amount paid over the loan term of $270,470
Step-by-step explanation:
The details of the home purchase are;
The price of the home = $275,000
The mode of purchase of the home = Mortgage
The percentage of the loan amount payed as down payment = 20%
The amount used as down payment for the loan = $55,000
The principal of the mortgage borrowed, P = The price of the house - The down payment
∴ P = $275,000 - 20/100 × $275,000 = $275,000 - $55,000 = $220,000
The principal of the mortgage, P = $220,000
The formula for the total amount paid which is the cost of the loan is given as follows;
The formula for monthly payment on a mortgage, 'M', is given as follows;
A. When the mortgage term, t = 15-years,
The interest rate, r = 3%
The number of months over which the loan is payed, n = 12·t
∴ n = 12 months/year × 15 years = 180 months
n = 180 months
The monthly payment, 'M', is given as follows;
M =
The total amount paid over the loan term = Cost of the mortgage
Therefore, we have;
220,000*0.05/12*((1 + 0.05/12)^360/( (1 + 0.05/12)^(360) - 1)
The minimum monthly payment for the loan, M ≈ $1,519.28
The total amount paid over loan term, A = n × M
∴ A ≈ 180 × $1,519.28 = $273,470
The total amount paid over loan term, A ≈ $270,470
B. When t = 20 year and r = 6%, we have;
n = 12 × 20 = 240
The total amount paid over loan term, A = 240 × $1,576.15 ≈ $378.276
The monthly payment, M = $1,576.15
C. When t = 30 year and r = 5%, we have;
n = 12 × 30 = 360
The total amount paid over loan term, A = 360 × $1,181.01 ≈ $425,163
The monthly payment, M ≈ $1,181.01
The mortgage to be chosen is the mortgage with the least total amount paid over the loan term so as to reduce the liability
Therefore;
The mortgage chosen is option A which is a 15-year mortgage term with a 3% interest rate;
The total amount paid over the loan term = $270,470