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
Answer:
kkk
kkkkkkkkkkkkkkkkk
Step-by-step explanation:
kkk
k
Step-by-step explanation:
b.3n/2 = 7/2
6n = 14
n = 2 1/3
c.-x/2 + 6 = -13/4
-x/2 = -37/4
-4x = -74
x = 18 1/2
d.3x/10 = 2/5
15x = 20
x = 1 1/3
e.x/10 = -20/3
3x = -200
x = -66 2/3
f.269x/56 = 10
269x = 560
x = 2 22/269