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nadya68 [22]
3 years ago
11

Fred Landers and his brother are interested in purchasing a house priced at $310,000. They plan to put 30% down and finance the

remaining amount through Anderson Savings. Anderson Savings has the following closing costs: credit report, $100; appraisal report, $250; title insurance, $190; survey and photographs, $275; recording fees, $70; and legal fees, $280. If the loan is approved, how much cash must Fred and his brother have to secure the loan, including the down payment?
A: $95,389
B: $97,238
C: $92,259
D: $94,165
Mathematics
1 answer:
Brrunno [24]3 years ago
6 0
The correct answer is D: $94,165.

First, let's find the amount of the down payment. It is 30% of the total. 
310,000 x 0.30 = 93,000

Now, we just need to add on all the additional costs.

93000 + 100 + 250 +190 + 275 +70 + 280 = 94165
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Step-by-step explanation:

From the given table we can see that this is not representing a linear function as the rate of change is not constant.

So it can be exponential growth function A(b)^{n-1},  where A is the initial amount , b is the multiplicative rate of growth and n is the time period in weeks.

Now here at n=1 , f(n)=8

Therefore, A=8

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f(2)=8(b)^{2-1}\\\Rightarrow12=8b\\\Rightarrow\ b=\frac{12}{8}\\\Rightarrow\ b=1.5

By substitute the values of A and b in the above equation, we get the equation f(n)=8(1.5)^{n-1}

Therefore, the function best shows the relationship between n and f(n) is

f(n)=8(1.5)^{n-1}, where n is the number of weeks.

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