Answer: The total interest paid on the mortgage is $179550
Step-by-step explanation:
The initial cost of the property is $300000. If he deposits $30000, the remaining amount would be
300000 - 30000 = $270000
Since the remaining amount was compounded, we would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 270000
r = 2% = 2/100 = 0.02
n = 12 because it was compounded 12 times in a year.
t = 25 years
Therefore,
A = 270000(1+0.02/12)^12 × 25
A = 270000(1+0.0017)^300
A = 270000(1.0017)^300
A = $449550
The total interest paid on the mortgage is
449550 - 270000 = $179550
There is a good expensive lot in Minecraft
12/21 in its simplest form is 4/7.
To find this out we need to divide the numerator and denominator by the GCF of 12 and 21 which is 3.
12/21
12 ÷ 3 = 4
21 ÷ 3 = 7
4/7
12/21 in its simplest form is 4/7.
12/21 = 4/7
This is very easy question write all given and common
Answer:
$0.30
Step-by-step explanation:
If you already spent $5 then you have $6 remaining so you will just divide 6 and 20 and you will get 0.3 so $0.30
