Answer: The loan estimate is standardized, and lists services you are allowed to shop for. You may not be able to shop for an appraisal fee or a credit report fee, but be able to shop for a land survey and title insurance. Lenders will vary in their requirements. Explanation: The Good Faith Estimate (GFE) was designed to encourage consumers to shop and then compare fees from various lenders before choosing a mortgage provider. Its original purpose was to help consumers understand what services they could shop for-so they not only received the lowest interest rate and best terms but saved significantly on closing costs as well.
I think you have to figure out the gradient, so you take the 2 points and put it into the equation
change in y divided by change in x aka
y2-y1/x2-x1
so for question 3:
y2=4 and y1=3
(taken from the first and second coordinates)
x2=3 and y1=7
put these values jnto the equation
4-3/3-7 = 1/-4 (can be written as negative 1/4)
for question 4 its the same thing:
y2=9 and y1=5
x2=4 and x1=2
put into equation
9-5/4-2 = 4/2
hope this helps, im also hoping your teacher already has taught this because i didnt go into detail of where the equation came from, if not ask me and ill gladly help X
The formula for simple interest is <em>I</em> = <em>prt</em>, where <em>I</em> is the amount of interest, <em>p</em> is the principal borrowed, <em>r</em> is the interest rate written as a decimal number, and <em>t</em> is the amount of time in years. First we find the amount of interest. He borrowed $35000 but paid back $46375. That means he paid 46375-35000 = $11375 in interest. We can now substitute our information into our interest formula:
11375=35000(<em>r</em>)(5)
11375=35000(5)(<em>r</em>) ----- remember that multiplication is commutative
11375=175000<em>r</em>
Divide both sides by 175000 to cancel it:
11375/175000 = 175000<em>r</em>/175000
0.065 = <em>r</em>
To convert this to a percentage, we multiply by 100:
0.065(100) = 6.5%
