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Gennadij [26K]
3 years ago
14

kandy is financing a $335,000 mortgage for 30 years at a fixed rate of 7.5% what is the total cost of the principal and interest

after 30 years?
Mathematics
1 answer:
-BARSIC- [3]3 years ago
8 0
Given:
<span>F= $335,000
n = 30 years at a fixed rate of i = 7.5%

Required:
the total cost of the principal

Solution:
F = P(1+i)^n
P = F/(1+i)^n
P = 335,000 / (1.0.075)^30
P = 38,264.05</span>
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Answer:

  64/49

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6 0
3 years ago
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5 0
3 years ago
What is it called when the numerator is bigger than the denominator
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Improper fraction :)
3 0
2 years ago
I got this wrong on a test and I can't understand it. Can someone explain? I figured out it was compound interest, but I dont kn
Oliga [24]
A = P(1+i)ⁿ ==> compound interest where P= initial Capital, I =interest in% and n the number of years. A is the total amount collected over n years

A= 500(1.0325)¹² ==> 500(1+0.0325)¹² ==> 500(1+3.25%)¹²
The mistake is:
Either she has a yearly interest of 3.25% & she wrote 12 instead of 3 (years)
OR
She got a quarterly interest of 3.25% and in this case she should have divided 3.25& by 12 (4 quarter a year ==> 12 quarter for 3 years) by keeping as exponent the number 12 (right)

1)Now the Amount of A (as she wrote it) =500(1.0325)¹² = 734
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3 0
3 years ago
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