(420,104)(720,164)
slope = (164 - 104) / (720 - 420) = 60/300 = 1/5

y = mx + b
slope(m) = 1/5
(420,104)...x = 420 and y = 104
now we sub and find b, the y int
104 = 1/5(420) + b
104 = 84 + b
104 - 84 = b
20 = b

so ur equation is : y = 1/5x + 20

3 0

4 years ago

Molly is buying a house for $202,000. she is financing $185,500 and obtained a 30 year fixed rate mortgage with a 5.125% interes

IRINA_888 [86]

The value of the Financing loan is $185,500 . The Rate per month is 5.125%.

We will use the formula $PV = PMT \times\frac{( 1 - ( 1+r)^{-n})}{r}$

Where PV is the Present Value of financing, which is $185,500

PMT=Payment every month, which is to be found.

r=interest rate=5.125%

n=number of months in 30 years=12\times 30=360

$\therefore 185,500 = PMT \times \frac{1-(1+\frac{5.125}{1200})}{\frac{5.125}{1200}} =PMT \times 183.6591$

Therefore, $PMT =\frac{185,500}{183.6591}=1010.02$

Therefore Molly's monthly payments are $1010.02.

Thus Option A is the correct option.

7 0

3 years ago

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