2 years ago

PLSSS help me with this problem

Mathematics

1 answer:

-BARSIC- [3]2 years ago

7 0

Answer:

it is 1/4

Step-by-step explanation:

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Rose and Andrew are financing 128,000 to purchase a condominium. They obtained a 15 year fixed rate loan with a rate of 5.05%. T

anzhelika [568]

Amount Financed(P) = $ 128,000

Time = 15 year

Rate of interest= 5.05%

Amount after 15 years translates to,

${\text{Using the formula}} P(1+\frac{R}{100})^n\\\\ 128,000(1 +\frac{5.05}{100})^{15}\\\\ =128,000 \times (1.0505)^{15}\\\\=128,000 \times 2.0938\\\\=268,009.890$

Rose and Andrew has taken four points to lower their rate to 4.81% .

Amount after 15 years translates to, if rate of interest is 4.83 %

${\text{Using the formula}} P(1+\frac{R}{100})^n\\\\ 128,000(1 +\frac{4.83}{100})^{15}\\\\ =128,000 \times (1.0483)^{15}\\\\=128,000 \times 2.0290\\\\=259713.0404$