1. Ada purchased a house using a fixed rate mortgage. The annual interest rate is 6.3%
1 answer:
The monthly payment on the mortgage is option C) $2537.44
<u>Step-by-step explanation</u>:
- Principal (P): $ 295,000
- Rate (r): 6.3% = 0.063
- Number of times compounded (n): 12months
15 years = 180
- Number of years = 15
The formula is A = P(1 + r/n)^nt
⇒ A = 295000(1+0.063/180)^(18015)
⇒ A = 295000(180.063/180)^2700
⇒ A = 295000 (1.00035)^2700
⇒ A = 758854.5
Interest = Amount - Principle
⇒ 758854.5 - 295000
⇒ Interest = 463854.5
∴ The monthly payment for 15 years = 463854.5 / (1512)
The monthly payment on the mortgage = 2576.9 (approximately option C)
You might be interested in
Using the Fundamental Counting Theorem, it is found that there are 90 ways to choose the three side dishes.
<h3>What is the Fundamental Counting Theorem?</h3>It is a theorem that states that if there are n things, each with ways to be done, each thing independent of the other, the number of ways they can be done is:
In this problem:
- For the vegetable, there are 5 options, hence
.
- For the starch, there are 3 options, hence
.
- The remaining dish is free, which means that there are 5 + 3 - 2 = 6 options, hence
.
Then:
N = 5 x 3 x 6 = 90.
There are 90 ways to choose the three side dishes.
More can be learned about the Fundamental Counting Theorem at brainly.com/question/24314866