Answer:
The new mortgage repayment is $10,580.69
Step-by-step explanation:
As at the time Douglas lost his job,he has already made repayments on the mortgage for a period of 7 years,by extending the repayment period by another 7 years,Douglas now have a period of repayment of 30 years now(30-7+7).
The new repayment yearly can be computed using the pmt formula in excel as given below:
=pmt(rate,nper,-pv,fv)
rate is the interest rate on mortgage given as 4.25%
nper is the period of repayment now 30 years
pv is the current of balance of $177,533.62
fv is the total amount repayable on the mortgage and it is not known hence taken as zero
=pmt(4.25%,30,-177533.62,0)=$10,580.69
Answer:
8.
Denote the equation : y = ax + b
Use the first 2 values of x and y in table:
3a + b = 21
5a + b = 35
Subtract the 2 equations:
=> 2a = 14 => a = 7 => b = 21 - 3 x 7 = 0
=> The solution is y = 7x
9.
Denote the equation : y = ax + b
Use the first 2 values of x and y in table:
5a + b = 17
10a + b = 22
Subtract the 2 equations:
=> 5a = 5 => a = 1 => b = 17 - 5 x 1 = 17 - 5 = 12
=> The solution is y = x + 12
Hope this helps!
:)
The exact form is: w = -6/7
