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alexira [117]
2 years ago
8

If Mary pay $3695.20for principal and interest every month for 30 years on her $110,000 loan, how much interest will she pay ove

r the life of the loan?
Mathematics
1 answer:
PilotLPTM [1.2K]2 years ago
6 0

Answer:

  $1,220,200

Step-by-step explanation:

The total of Mary's payments is ...

  $3695.20/mo × 30 yr × 12 mo/yr = $1,330,200

The difference between this repayment amount and the value of her loan is the interest she pays:

  $1,330,200 -110,000 = $1,220,200 . . . total interest paid

_____

Mary's effective interest rate is about 40.31% per year--exorbitant by any standard.

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the actual number of jelly beans you get is determined by x.
if x = 1, the you get 150 jelly beans for 1/2 of a dollar.
if x = 3, then you get 50 jelly beans for 1/2 of a dollar.

you can also work this out by determing the cost per jelly bean.
if you pay x dollars for 300 jelly beans, then the cost per jelly bean is equal to x/300.
now you want to buy 50 cents worth of jelly beans.
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another way to look at it would be to set up a ratio.
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simplify to get:
150 = x*y
divide both sides of the equation by x to get:
y = 150/x
same equation again.
x is the cost for 300 jelly beans.
y is the number of jelly beans you can get for half a dollar.
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