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
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Answer:
Step-by-step explanation:
Consider right triangle ADH ( it is right triangle, because CH is the altitude). In this triangle, the hypotenuse AD = 8 cm and the leg DH = 4 cm. If the leg is half of the hypotenuse, then the opposite to this leg angle is equal to 30°.
By the Pythagorean theorem,
AL is angle A bisector, then angle A is 60°. Use the angle's bisector property:
Consider right triangle CAH.By the Pythagorean theorem,
The length cannot be negative, so CD=8 cm and
In right triangle ABC, angle B = 90° - 60° = 30°, leg AC is opposite to 30°, and the hypotenuse AB is twice the leg AC. Hence,
By the Pythagorean theorem,
