Answer:
The new mortgage repayment is $10,580.69
Step-by-step explanation:
As at the time Douglas lost his job,he has already made repayments on the mortgage for a period of 7 years,by extending the repayment period by another 7 years,Douglas now have a period of repayment of 30 years now(30-7+7).
The new repayment yearly can be computed using the pmt formula in excel as given below:
=pmt(rate,nper,-pv,fv)
rate is the interest rate on mortgage given as 4.25%
nper is the period of repayment now 30 years
pv is the current of balance of $177,533.62
fv is the total amount repayable on the mortgage and it is not known hence taken as zero
=pmt(4.25%,30,-177533.62,0)=$10,580.69
3 in 350 is 300 the 3 in 403 is 3
Answer:
2 hours and 45 minutes. or 165 minutes
Step-by-step explanation:
<span>Faster maid DATA:
time = x hr/job ; rate = 1/x job/jhr
Slower maid DATA:
time = 3x hr/job ; rate = 1/3x job/hr
Together DATA:
time = 3 hr/job ; rate = 1/3 job/hr
Equation:
rate + rate = together rate
1/x + 1/3x = 1/3
Multiply thru by 3x to get:
3 + 1 = x
x = 4 hrs (time for the faster maid to do the job)</span>