Answer: The total interest paid on the mortgage is $179550
Step-by-step explanation:
The initial cost of the property is $300000. If he deposits $30000, the remaining amount would be
300000 - 30000 = $270000
Since the remaining amount was compounded, we would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 270000
r = 2% = 2/100 = 0.02
n = 12 because it was compounded 12 times in a year.
t = 25 years
Therefore,
A = 270000(1+0.02/12)^12 × 25
A = 270000(1+0.0017)^300
A = 270000(1.0017)^300
A = $449550
The total interest paid on the mortgage is
449550 - 270000 = $179550
Answer:
Software comprises the entire set of programs, procedures, and routines associated with the operation of a computer system. The term was coined to differentiate these instructions from hardware—i.e., the physical components of a computer system.
Answer:
Step-by-step explanation:
h=-5t²+135
when t=3 s
h=-5(3)²+135=-45+135=90 m
Answer:
p = -5
Step-by-step explanation:
Answer:
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Step-by-step explanation:
