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muminat
4 years ago
15

The monthly mortgage payment on your house is $821.69. it is a 30 year mortgage at 6.5% compounded monthly. how much did you bor

row?
Mathematics
1 answer:
monitta4 years ago
6 0
To find present value from monthly payments, we use
P_A=A((1+i)^n-1)/(i(1+i)^n)
where
A=monthly payment = $821.69
i=monthly interest rate = 6.5%/12 = 0.065/12
n=number of months = 30*12 = 360
Therefore
Present value
= amount borrowed
=A((1+i)^n-1)/(i(1+i)^n)
=821.69*((1+0.065/12)^360-1)/((0.065/12)*(1+0.065/12)^360)
= 130000.25
(note: the 0.25 could well be a round off error because the monthly payment is only accurate to the cent)

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Answer:  The answer is 3\dfrac{4}{7}.

Step-by-step explanation:  Given in the question that ΔAM is a right-angled triangle, where ∠C = 90°, CP ⊥ AM, AC : CM = 3 : 4 and MP - AP = 1. We are to find AM.

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Now,

AM=AP+PM=AP+(AP+1)\\\\\Rightarrow 2AP=AM-1\\\\\Rightarrow 2AP=5x-1.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~(A)

Now, since CP ⊥ AM, so ΔACP and ΔMCP are both right-angled triangles.

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AM=5\times\dfrac{5}{7}=\dfrac{25}{7}=3\dfrac{4}{7}.

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