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Natasha2012 [34]
3 years ago
15

2. Kerry has a $1,973-per-month mortgage payment. He decides to refinance his $204,000 balance at 5% over 20 years. What's his n

ew monthly payment?
Mathematics
1 answer:
klemol [59]3 years ago
5 0

The formula for the amount of a monthly payment A on principal amount P at interest rate i loaned for t years is given by

... A = P(i/12)/(1 -(1 +i/12)^(-12t))

Filling in the given values, this is

... A = $204000(.05/12)/(1 -(1 +.05/12)^(-12·20)) ≈ $1346.31

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Solve the following system:
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Swap equation 1 with equation 3:
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{0 r - 2 s + 5 t = 1/2 | (equation 2)
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Multiply equation 2 by 2:
{2 r + 4 s + 4 t = 9 | (equation 1)
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{0 r - 5 s + 6 t = -4 | (equation 3)
Swap equation 2 with equation 3:
{2 r + 4 s + 4 t = 9 | (equation 1)
{0 r - 5 s + 6 t = -4 | (equation 2)
{0 r - 4 s + 10 t = 1 | (equation 3)
Subtract 4/5 × (equation 2) from equation 3:
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{0 r - 5 s + 6 t = -4 | (equation 2)
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Multiply equation 3 by 5:
{2 r + 4 s + 4 t = 9 | (equation 1)
{0 r - 5 s + 6 t = -4 | (equation 2)
{0 r+0 s+26 t = 21 | (equation 3)
Divide equation 3 by 26:
{2 r + 4 s + 4 t = 9 | (equation 1)
{0 r - 5 s + 6 t = -4 | (equation 2)
{0 r+0 s+t = 21/26 | (equation 3)
Subtract 6 × (equation 3) from equation 2:
{2 r + 4 s + 4 t = 9 | (equation 1)
{0 r - 5 s+0 t = (-115)/13 | (equation 2)
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Divide equation 2 by -5:
{2 r + 4 s + 4 t = 9 | (equation 1)
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Subtract 4 × (equation 2) from equation 1:
{2 r + 0 s+4 t = 25/13 | (equation 1)
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Subtract 4 × (equation 3) from equation 1:
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{0 r+s+0 t = 23/13 | (equation 2)
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Divide equation 1 by 2:
{r+0 s+0 t = (-17)/26 | (equation 1)
{0 r+s+0 t = 23/13 | (equation 2)
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Collect results:Answer:  {r = -17/26
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