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Mademuasel [1]
3 years ago
9

Eric took out an 80/20 mortgage to buy a house costing $175,000. The first (80%) mortgage has an interest rate of 4.75%, and the

second (20%) mortgage has an interest rate of 7.525%. Both are 30-year fixed-rate mortgages. What is total mortgage payment for this house?
A. $975.63

B. $805.87

C. $245.32

D. $730.31
Mathematics
1 answer:
Serhud [2]3 years ago
5 0

Answer:

The total monthly mortgage payment for the house is $975.63

Step-by-step explanation:

The principle amount is $175000

80% of 175000 is = 0.8\times175000 = $140000

20% of 175000 is = 0.2\times175000 = $35000

Emi formula is :

\frac{p\times r\times(1+r)^{n} }{(1+r)^{n}-1 }

For 1st part:

p = 140000

r = 4.75/12/100=0.00395

n = 30*12=360

Putting values in formula we get

\frac{140000\times0.00395\times(1.00395)^{360} }{(1.00395)^{360}-1 }

= $729.508

For 2nd part:

p = 35000

r = 7.525/12/100=0.00627

n = 30*12=360

Putting values in formula we get

\frac{35000\times0.00627\times(1.00627)^{360} }{(1.00627)^{360}-1 }

= $245.301

Adding both the monthly payments:

729.508+245.301=974.809 dollars

This is closest to option A.

So, option A is the answer.

And for 30 years the mortgage payment will be =

975.63\times12\times30=351226.80 dollars

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Step-by-step explanation:

Suppose your car has h liters of engine oil in the morning. During the day, some oil may have leaked, you may have added more oil, or both. The oil level in the evening is g liters. Which of the following expressions always represents how far away the new oil level is from the previous oil level? H+G lGl none of them

Let

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3 years ago
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3 years ago
Evaluate b-(-1/8)+c where b=2 and c=-7/4​
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Answer:

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Step-by-step explanation:

Evaluate b - -1/8 + c where b = 2 and c = -7/4:

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3 years ago
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Answer:

a) P(x≥6)=0.633

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c) P(x≤7)=0.8328

Step-by-step explanation:

a) We can model this a binomial experiment. The probability of success p is the proportion of customers that prefer the oversize version (p=0.60).

The number of trials is n=10, as they select 10 randomly customers.

We have to calculate the probability that at least 6 out of 10 prefer the oversize version.

This can be calculated using the binomial expression:

P(x\geq6)=\sum_{k=6}^{10}P(k)=P(6)+P(7)+P(8)+P(9)+P(10)\\\\\\P(x=6) = \binom{10}{6} p^{6}q^{4}=210*0.0467*0.0256=0.2508\\\\P(x=7) = \binom{10}{7} p^{7}q^{3}=120*0.028*0.064=0.215\\\\P(x=8) = \binom{10}{8} p^{8}q^{2}=45*0.0168*0.16=0.1209\\\\P(x=9) = \binom{10}{9} p^{9}q^{1}=10*0.0101*0.4=0.0403\\\\P(x=10) = \binom{10}{10} p^{10}q^{0}=1*0.006*1=0.006\\\\\\P(x\geq6)=0.2508+0.215+0.1209+0.0403+0.006=0.633

b) We first have to calculate the standard deviation from the mean of the binomial distribution. This is expressed as:

\sigma=\sqrt{np(1-p)}=\sqrt{10*0.6*0.4}=\sqrt{2.4}=1.55

The mean of this distribution is:

\mu=np=10*0.6=6

As this is a discrete distribution, we have to use integer values for the random variable. We will approximate both values for the bound of the interval.

LL=\mu-\sigma=6-1.55=4.45\approx4\\\\UL=\mu+\sigma=6+1.55=7.55\approx8

The probability of having between 4 and 8 customers choosing the oversize version is:

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c. The probability that all of the next ten customers who want this racket can get the version they want from current stock means that at most 7 customers pick the oversize version.

Then, we have to calculate P(x≤7). We will, for simplicity, calculate this probability substracting P(x>7) from 1.

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Answer:

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Step-by-step explanation:

1 km is = 1000 meter

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2000 +3500 =5,5000 meters

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