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3 years ago

Mandy obtains a $155,000 20/6 balloon mortgage with a rate of 4.25%. What will her monthly payments be?

Mathematics

1 answer:

elena55 [62]3 years ago

4 0

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

$A = P*r*\frac{r(1+r)^n}{(1+r)^n -1}$

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 = $(0.0425)(155000)\frac{0.0425(1+0.0425)^{240}}{(1+0.0425)^{240} -1}$ = $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:

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4 years ago

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Answer:

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Step-by-step explanation:

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Read 2 more answers

Square pyramid is made up of a base with a side length of 10 inches and faces that are triangles with a height of 12 inches what

Nataly [62]

The surface area of the square pyramid is 360 in²

Explanation:

Given that the side length is 10 inches.

The height of the pyramid is 12 inches.

We need to determine the surface area of the pyramid.

The surface area of the pyramid is given by

$SA=s^2+2sl$

Where s is the side length and l is the slant height.

The slant height can be determined using the formula,

$l=\sqrt{h^2+b^2}$

where h = 12 and $b=\frac{s}{2} =5$

Substituting these values in the formula, we get,

$l=\sqrt{12^2+5^2}$

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Thus, the slant height is $l=13$

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$SA=10^2+2(10)(13)$

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Thus, the surface area of the square pyramid is 360 in²

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4 years ago