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LekaFEV [45]
3 years ago
9

Suppose that 10 years ago you bought a home for $160,000, paying 10% as a down payment, and financing the rest at 9% interest fo

r 30 years. What is your current monthly payment on your existing mortgage?
Mathematics
1 answer:
Goshia [24]3 years ago
5 0

Answer:

Current monthly payment on their existing mortgage would be $1158.66

Step-by-step explanation:

Total cash value = $160,000

Down payment = 10% of 160,000

Down Payment = $16,000

Balance amount = 160,000 - 16,000 = $144,000

Monthly payment formula:

P=\dfrac{r(PV)}{1-(1+r)^{-n}}

where,

PV is present value of home, PV=$144,000

r is rate per period , r=\frac{9}{1200}=0.0075

n is number of period, n=30x12 = 360

P=\dfrac{0.0075\times 144000}{1-(1+0.0075)^{-360}}

P=\$ 1158.66

Monthly payment would be same for 30 years.

Thus, Current monthly payment on their existing mortgage would be $1158.66

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8 0
3 years ago
(-8x-3)- -5<br> i need work shown i don't know how to do this one
lawyer [7]
The answer for this problem is -8x+2  

3 0
3 years ago
Factor the expression below.4x2 - 1
marusya05 [52]

Answer:

C. (2x – 1)(2x + 1)

Step-by-step explanation:

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5 0
3 years ago
Read 2 more answers
I suck at math so can you help with this is a test so Yh
vekshin1
The correct answer is option D:)
3 0
2 years ago
Laura, Jose, and Keith have a total of $118 in their wallets. Jose has $8 more than Laura, Keith has 3 times what Laura has. How
True [87]
Let’s assume that Laura has x$
Jose = 8+ x
Keith= 3x

So the total is equal to
118= x + 8 +x + 3x
118= 5x + 8
Subtract 8 from both sides
110= 5x
Divide 5 by both sides
22$= x which is what Laura has
Jose will have :8+22= 30$
Keith will have :3*22=66$
4 0
3 years ago
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