A couple purchases a house for $400,000.00. They pay 20% down at closing, and take out a mortgage of $320,000.00. The mortgage company offers them a 4.80% annual rate with monthly compounding. The mortgage will require monthly payments for the next 30 years.
What will be the monthly payment on this mortgage?
Answer:
$ 1678.91
Explanation:
Given that;
Cost of purchasing a house = $400,000.00
Down payment =20%
Mortgage Value (MV) = $320,000.00
Annual rate offered by the mortgage company = 4.80% yearly i.e 0.4 per month
Duration of the Mortgage Loan (n) = 30 years which is equivalent to 360 months.
if we represent the monthly repayment with MR ,To calculate the monthly repayment MR;we have;
MV = MR × ![(\frac{1}{i})*[1-(\frac{1}{(1+i)^{n}} )}]](https://tex.z-dn.net/?f=%28%5Cfrac%7B1%7D%7Bi%7D%29%2A%5B1-%28%5Cfrac%7B1%7D%7B%281%2Bi%29%5E%7Bn%7D%7D%20%29%7D%5D)
where i = 0.004 (4.8 % annually expressed as 0.48, divided by 12 monthly payments per year)
∴
= 
![*(\frac{1}{0.004})*[1-(\frac{1}{1+0.004)^{360}}})]](https://tex.z-dn.net/?f=%2A%28%5Cfrac%7B1%7D%7B0.004%7D%29%2A%5B1-%28%5Cfrac%7B1%7D%7B1%2B0.004%29%5E%7B360%7D%7D%7D%29%5D)
320,000.00 = MR × 190.60
Monthly repayment (MR) = $ 1678.90870933
Monthly repayment (MR) ≅ $ 1678.91
Answer:
The nervous system operates using an electrochemical process. An electrical charge moves through the neuron itself, and chemicals are used to transmit information between neurons
Answer:
Chemistry has taught that ;
Unsaturated hydrocarbon molecules that contain one or more double bonds are called alkenes.
Alkynes are unsaturated hydrocarbons due to the fact that some of the carbons are connected to fewer than four neighbouring atoms.
Note : Alkenes contain at least one double bond, while alkynes contain at least one triple bond.
Explanation:
Heat required = Q = 40 kcal
<h3>Further explanation</h3>
Given
mass of 500 g ice
Required
Heat required
Solution
The heat to change the phase can be formulated :
- Q = m.Lf (melting/freezing)
- Q = m.Lv (vaporization/condensation)
Lf=latent heat of fusion
Lv=latent heat of vaporization
Lf for water = 334 kj/kg=6.01 kJ/mol = 80 cal/g
Phase change(ice to water)
Q= 500 g x 80 cal/g
Q = 40 kcal
