Answer:
No, he switched the values for the variables.
<span>what is the value or 8n when n = 2?
</span>
Plug in n into the expression 8n.
8(2) = 8 x 2 = 16
Hope this helps.
Answer:
$442.1 per month
Step-by-step explanation:
Lilly took 80/20 mortgage to buy house costing $ 100000
80% × 100000 = 80000 for the first at 4.75%
80000 × 4.75% = 80000 × 0.0475 = $ 3800 as interest per year,
20% × 100000 = 20000 for the second mortgage
20000 × 7.525% = 20000 × 0.07525 = 1505 as interest per year
add the first interest and the second interest
3800 + 1505 = 5305
divide the answer by 12 months to find the monthly payment
5305 / 12 = $442.1 per month
Given the formula for future value annuity:
FV of annuity=P[(1+r)^n-1]/r
where:
P=principle
r=rate
n=time
the time taken to repay the loan will be:
1500=90[(1+0.06)^n-1]/0.06
90=90[(1+0.06)^n-1]
1=(1+0.06)^n-1
1+1=(1+0.06)^n
2=1.06^n
introduce natural log
ln2=nln1.06
n=ln2/ln1.06
n=11.8957=12 years
the answer is 12 years.
The sum of them is 16,910 would be your answer
