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marusya05 [52]
3 years ago
5

Chris bought a home for $225,000, putting down 20%. The mortgage is at 6 1/2% for 30 years. Determine his monthly payment

Business
1 answer:
azamat3 years ago
8 0

Since you are paying 20% up front, you are paying $45000 up front (.20*225000) which means you are borrowing

225000-45000 = $180,000.

 

Hopefully, you've learned the formula for figuring out the payment for an amortization problem. It is as follows:

 

A=P [(1+R/n)nt *R/n]  / [(1+R/n)nt -1] A is the amount for each payment, P is the principal, r is the rate, n is the number of payments per year and t is the time in years

 

So A = 180000 [(1+.065/12)12*30 * .065/12] / [(1+.065/12)360 -1]

   A  = 180000 [ .037872239/5.991797982]

   A  = 1137.72

 

So you will have 360 payments of 1137.72. So over the 30 years, you will pay 360 * 1137.72 = $409,579.20 and you only borrowed 180,000, which means when you subtract them, you'll have 229,579.20 in interest.

 

Hope this helped.



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5 0
3 years ago
A customer has invested a total of $10,000 in a nonqualified deferred annuity through a payroll deduction plan offered by the sc
Blababa [14]

Answer:

On $6000 amount customer be taxed

Explanation:

given data

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current value = $16000

to find out

On what amount customer be taxed

solution

we know customer is invest here total $10000 and

current value is now $16000

so we can say that here payment non qualified deferred, annuity  after tax

so tax are paid of earning

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3 0
3 years ago
First, find if a country's RGDP grows on average at 3% per year, how long will it take for this country to double its RGDP. If,
sasho [114]

Answer:

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Explanation:

According to the rule of 70

Number of years taken to double the GDP = 70 ÷ [ Growth rate ]

Thus,

At the growth rate of 3% per year

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= 23.33 years

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DedPeter [7]

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Protected status

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