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lorasvet [3.4K]
3 years ago
9

Chin Woo bought a home for $160,000. He put down 20 percent. The mortgage is at 8 1/2 % for 25 years. By using the table in the

handbook, his yearly payments are:
Mathematics
2 answers:
blagie [28]3 years ago
6 0
Down payment
160,000×0.20=32,000

128000=X[((1-(1+0.085)^(-25))/0.085]
Solve for x
X=12507.10
ehidna [41]3 years ago
3 0

Answer:

His yearly payment is $12507.095

Step-by-step explanation:

We are given

Chin Woo bought a home for $160,000

He put down 20 percent

It means that down payment is 20% of price of home

and he took loan of remaining amount

so, present value is 80% of 160000

PV=\frac{80}{100}\times 160000

PV=128000

The mortgage is at 8 1/2 % for 25 years

so, r=8.5%=0.085

t=25

now, we can use payment formula

P=\frac{r(PV)}{1-(1+r)^{-t}}

now, we can plug values

P=\frac{0.085\times 128000}{1-(1+0.085)^{-25}}

now, we can solve for P

we get

P=12507.095

so,

His yearly payment is $12507.095

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