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)
First, let us restate the given conditions
c is 5 more than variable a ( c = a + 5)
c is also three less than variable a (c = a - 3)
Now, lets look at the answer choices and or given
c = a − 5
c = a + 3
Here, c is 5 less than "a"...so automatically disqualified
a = c + 5
a = 3c − 3
Here, we have to get "C" by itself in both top and bottom equation.
So,
Simplified version :
c = a - 5
Here, c is 5 less than "a"...so automatically disqualified
a = c − 5
a = 3c + 3
Here also, we have to get "C" by itself in both top and bottom equation.
So,
simplified version:
c = a + 5
Here, c is 5 more than "a"...so we continue
c = (a - 3) / 3
Here, c is 3 less than "a" <u>divided by 3</u><u /> . So, this is not correct
c = a + 5
c = a − 3
Here, c is 5 more than "A"
Also, c is 3 less than "a"
Which satisfies the given.
So, our answer is going to be the last one:
c = a + 5
c = a - 3
I believe it is the second one hope that helped
