I believe the answer to this would be 268
9514 1404 393
Answer:
a. $3,455.20
Step-by-step explanation:
The monthly payment is given by the amortization formula:
A = P(r/12)/(1 -(1 +r/12)^(-12t))
for loan amount P at annual rate r for t years.
For this mortgage, we use P = $530,000, r = 0.068, t = 30.
A = $530,000(0.068/12)/(1 -(1 +0.068/12)^(-360)) ≈ $3,455.20
The monthly payment is $3,455.20.
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<em>Additional comment</em>
In 7 years, the balloon payment will be $481,559.91.
Tanα=5/12
α=arctan(5/12)°
α≈22.62° (to nearest hundredth of a degree)
To do this, you can just multiply across. 3 times 1 equals 3 so your numerator is 3. 2 times 4 equals 8. Then, your answer would be 3/8. Hope this helps :)