(Please show step by step workings)
1 answer:
Answer:
a. They will need $90,000.00 for the down payment
b. The mortgage amount (principal) will be $360,000.00
c. The monthly principal payment will be $1,500,00
The monthly interest payment will be $634.40
d. The total interest they will pay: $152,256.00
Step-by-step explanation:
house price= $450,000
down payment = 20%
20-year mortgage
Interest rate= 3.75%
a. How much they will need for the down payment?
The down payment (DoP) is 20% of the house price
DoP= 20% de $450,000
DoP= 0.20*450,000
DoP= $90,000
b. What will be the mortagage amount (the principal)?
The mortgage amount (MoA) (principal) is the difference between the house price and the down payment.
MoA= $450,000 - $90,000
MoA= $360,000
c. How much will their monthly payment be for the principal and interest?
This equation represents the monthly payment (M):
where
P= the principal = $360,000
r= monthly interest rate = 3,75% divided by 12 = 0,31%
n= number of payments = 20 years multiplied by 12 months = 240
Let´s input these data into the equation:
Solving the equation:
M= $2,134.40
the principal component of this M would be
$360,000 divided by the 240 months
So, the principal component of M = $1,500.00
And the interest component of M is the difference
$2,134.40 - $1,500.00
So, the interest component of M = $634.40
d. How much total interest will they pay if they take the full 20 years to pay off the mortgage?
With every payment, they will be paying:
$634.40 per month, multiplied by 240 months
The total interest will be $152,256.00
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Hi there,
This is the original inequality equation:
So, we first need to find the critical points of equality, and we can do that by switching the less than sign to an equal sign.
Now, we multiply both sides by x + 1:
Then, we multiply both sides by x - 1:
Next, we subtract x² from both sides:
After that, we solve for x. We do this by adding -x to both sides and dividing by 2. Doing so gives us x = 0, which is our first critical point. We need to find a few more critical points by testing x = -1 and x = 1. Here is how we do that:
<span>x = <span>−1 </span></span>(Makes left denominator equal to 0)<span>x = 1 </span>(Makes right denominator equal to 0)Check intervals in between critical points. (Test values in the intervals to see if they work.)<span>x <<span>−1 </span></span>(Doesn't work in original inequality)<span><span><span>−1 </span>< x </span><0 </span>(Works in original inequality)<span><span>0 < x </span>< 1 </span>(Doesn't work in original inequality)<span>x > 1 </span><span>(Works in original inequality)
Therefore, the answer to your query is -1 < x < 0 or x > 1. Hope this helps and have a phenomenal day!</span>
This is the original inequality equation:
So, we first need to find the critical points of equality, and we can do that by switching the less than sign to an equal sign.
Now, we multiply both sides by x + 1:
Then, we multiply both sides by x - 1:
Next, we subtract x² from both sides:
After that, we solve for x. We do this by adding -x to both sides and dividing by 2. Doing so gives us x = 0, which is our first critical point. We need to find a few more critical points by testing x = -1 and x = 1. Here is how we do that:
<span>x = <span>−1 </span></span>(Makes left denominator equal to 0)<span>x = 1 </span>(Makes right denominator equal to 0)Check intervals in between critical points. (Test values in the intervals to see if they work.)<span>x <<span>−1 </span></span>(Doesn't work in original inequality)<span><span><span>−1 </span>< x </span><0 </span>(Works in original inequality)<span><span>0 < x </span>< 1 </span>(Doesn't work in original inequality)<span>x > 1 </span><span>(Works in original inequality)
Therefore, the answer to your query is -1 < x < 0 or x > 1. Hope this helps and have a phenomenal day!</span>