There are 120 students in the seventh grade seventy percent of these students are involved in extracurricular activities how man
1 answer:
Answer:
36
Step-by-step explanation:
We have been given that there are 120 students in the seventh grade seventy percent of these students are involved in extracurricular activities.
To find number of students that are not involved in extra curricular activities we will find 30% of 120 students.
Therefore, 36 students are not involved in extra curricular activities.
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Part A:
Given that <span>Victor is buying a home for $125,340 and that he is making a 15% down payment.
The amount of down payment is given by 15% of $125,340 = 0.15 x $125,340 = $18,801.
Therefore, the amount of mortgage he needs to borrow is given by $125,340 - $18,801 = $106,539
Part B
</span>Given that he earns a gross annual income of $64,570 <span>and that the loan of $106,539 will be spread for 20 years at 3.75% interest.
$106,539 / 20 = $5,326.95
Roughly he will be paying about $5,000 every year which is way below his annual gross income.
Therefore, he can afford the mortgage.
Part C
The monthly mortgage payment can be calculated using the present value of annuity formula given by
</span>
<span>
where: PV is the current value of the loan, P is the periodic (monthly) payment, r is the annual interest rate, t is the number of payment in one year and n is the number of years.
Here, PV = </span>$106,539; r = 3.75% = 0.0375; t is 12 payments in one year (since payment is to be made monthly); n = 20 years.
Thus, we have:
Therefore, the monthly mortgage payment is $631.66
Part D
Since he will make a monthly payment of $631.66 for 20 years, thus he will make a total of $631.66 x 12 x 20 = $151,598.40
Therefore, his total payment for the house will be $151,598.40
Part E
Since he will make a total payment of $151,598.40 for a mortgage loan of $106,539.
Therefore, the amount of interest he will pay is given by $151,598.40 - $106,539 = $45,059.40
Given that <span>Victor is buying a home for $125,340 and that he is making a 15% down payment.
The amount of down payment is given by 15% of $125,340 = 0.15 x $125,340 = $18,801.
Therefore, the amount of mortgage he needs to borrow is given by $125,340 - $18,801 = $106,539
Part B
</span>Given that he earns a gross annual income of $64,570 <span>and that the loan of $106,539 will be spread for 20 years at 3.75% interest.
$106,539 / 20 = $5,326.95
Roughly he will be paying about $5,000 every year which is way below his annual gross income.
Therefore, he can afford the mortgage.
Part C
The monthly mortgage payment can be calculated using the present value of annuity formula given by
</span>
<span>
where: PV is the current value of the loan, P is the periodic (monthly) payment, r is the annual interest rate, t is the number of payment in one year and n is the number of years.
Here, PV = </span>$106,539; r = 3.75% = 0.0375; t is 12 payments in one year (since payment is to be made monthly); n = 20 years.
Thus, we have:
Therefore, the monthly mortgage payment is $631.66
Part D
Since he will make a monthly payment of $631.66 for 20 years, thus he will make a total of $631.66 x 12 x 20 = $151,598.40
Therefore, his total payment for the house will be $151,598.40
Part E
Since he will make a total payment of $151,598.40 for a mortgage loan of $106,539.
Therefore, the amount of interest he will pay is given by $151,598.40 - $106,539 = $45,059.40