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:
where,
PV is present value of home, PV=$144,000
r is rate per period ,
n is number of period, n=30x12 = 360
Monthly payment would be same for 30 years.
Thus, Current monthly payment on their existing mortgage would be $1158.66
Answer:
"She invested $2500 in 5% account and $5500 in 8% account"
Step-by-step explanation:
Let the amount invested in 5% account be "x"
So, the amount invested in 8% account would be "8000 - x"
Interest amount is the percentage multiplied by amount invested. So
Interest of 5% account = 5% of x = 0.05x
Interest of 8% account = 8 % of 8000 - x = 0.08(8000 - x)
Total interest is the sum of these 2 expressions that EQUATES to 565 (given). Let's solve for x:
and thus,
"8000 - x" = 8000 - 2500 = 5500
Hence,
She invested $2500 in 5% account and $5500 in 8% account