Mandy obtains a $155,000 20/6 balloon mortgage with a rate of 4.25%. What will her monthly payments be?
1 answer:
Answer:
The answer to the question is
Her monthly payments will be $279.98
Step-by-step explanation:
To solve the question we apply the equation for monthly payments as follows
Fixed monthly mortgage repayment formula is
Where
A = Payment amount per month
r = interest rate = 4.25 %
n = number of months = 20×12 months or 240 months
P = Mortgage value = $155,000
Therefore A = = $279.98
For balloon mortgage the loan balance is paid off or refinanced at the end of the loan term
You might be interested in
Answer:
(2,3)
Step-by-step explanation:
The length measurement of the third side of the triangular playground whose two sides are 24 ft and 30 ft long should be more than 6 but less than 54.
<h3>What is triangle inequality theorem?</h3>
Triangle inequality theorem of a triangle says that the sum of the two sides of a triangle is always greater than the third side.
Suppose a, b and c are the three sides of a triangle. Thus according to this theorem,
(a+b)>c
(b+c)>a
(c+a)>b
There is a triangular playground. The measurements of two sides of a triangular playground are 24 feet and 30 feet.
Suppose the length of the measurement of the third side of the triangular playground is <em>c</em> meters.
As the two sides are 24 ft and 30 ft long. Thus, by the triangle inequality theorem,
For the sides 24 ft and c ft,
Thus, the length measurement of the third side of the triangular playground whose two sides are 24 ft and 30 ft long should be more than 6 but less than 54.
Learn more about the triangle inequality theorem here;