1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Hitman42 [59]
2 years ago
12

24. Lynn bought a $300,000 house, paying 10% down, and financing the rest at 6%

Mathematics
1 answer:
Vera_Pavlovna [14]2 years ago
8 0

Answer:

a. Her monthly payment is $1618.786418

b. She will pay $312763.1105 interest over the life of the loan

Step-by-step explanation:

Let us revise the rules of the monthly payments and interest

M.P=\frac{P(\frac{r}{n})}{1-(1+\frac{r}{n})^{-nt}}

I = M.P(nt)- P

Where:

  • M.P is the monthly payment
  • P is the initial value
  • r is the interest rate in decimal
  • n is the period
  • t is the time

∵ Lynn bought a $300,000 house

∵ She was paying 10% down

→ That means the initial amount is 90% of $300,000

∴ p = 90/100 × 300,000 = 270,000

∵ She was financing the rest at 6%

∴ r = 6% = 6/100 = 0.06

∵ There is a monthly payment

∴ n = 12

∵ She was financing the rest for 30 years

∴ t = 30

a.

→ Substitute these values in the first rule to finding the monthly payment

∵ M.P=\frac{270,000(\frac{0.06}{12})}{1-(1+\frac{0.06}{12})^{-12(30)}}  

→ Let us use the calculator to find the answer

∴ M.P = $1618.786418

∴  Her monthly payment is $1618.786418

b.

→ Substitute these values in the first rule to finding the second rule

   to find the interest

∵ I = (1618.786418)(12)(30)-270,000

→ Let us use the calculator to find the answer

∴ <em>I</em> = $312763.1105

∴ She will pay $312763.1105 interest over the life of the loan

You might be interested in
There are two 5th grade classes at Jones Elementary School. Mrs. Roberts has 17 girls and 18 boys in her class. Mr. Simpson has
boyakko [2]

Answer:

The chance of a girl being picked is an 18/35 chance.

Step-by-step explanation:

3 0
3 years ago
Read 2 more answers
How many times does the 8 fit into the 49
Vlada [557]

Answer:

6.125

Step-by-step explanation:

49 divided by 8

49÷8=6.125

4 0
2 years ago
Read 2 more answers
What is the reciprocal of 9/7?
Bingel [31]

Answer:

its 7/9

Step-by-step explanation:

you just have to flip the fractions

6 0
2 years ago
Read 2 more answers
If sin square theta = 0.75, then cos =
sergeinik [125]

Answer:

\cos\theta=\pm0.5

Step-by-step explanation:

Given:

\sin^2\theta=0.75

To find \cos\theta

Using trigonometric relations for sums and differences of squares of the ratios.

We know:

\sin^2\theta+\cos^2\theta =1

Plugging in  \sin^2\theta=0.75 in the above relation.

0.75+\cos^2\theta =1

Subtracting both sides by 0.75.

0.75+\cos^2\theta-0.75 =1-0.75

\cos^2\theta =0.25

Taking square root both sides.

\sqrt{\cos^2\theta} =\sqrt{0.25}

∴ \cos\theta=\pm0.5  (Answer)

6 0
3 years ago
The data points represent the number of swimmers at
Ronch [10]

Answer:

44 swimmers

Step-by-step explanation:

4 0
3 years ago
Read 2 more answers
Other questions:
  • william sold 5 oven toasters and 3 rice cookers for 500$.if a rice cooker cost 20$ less than an oven toaster,find the cost of a
    8·1 answer
  • Jennifer paid $13.37 for a pack of 12 pairs of sport socks. What was the price of a pair of sport socks
    6·1 answer
  • Write a negation of the inequality. do not use slash symbol. x&gt;94
    7·1 answer
  • Make a conjecture about the next item in the sequence. -2, 3, 8, 13, 18, 
    14·1 answer
  • Show all work. find the missing terms of the arithmetic sequence... , 4, ?, ?, ?, 120, ...
    10·1 answer
  • Simplify sqrt8/5sqrt8
    7·1 answer
  • 4. A six-meter-long ladder leans against a building. If the ladder makes an angle of 60° with the
    7·2 answers
  • HELP!!! find the answer to this equation. <br><br> x³+y³+z³=k
    8·1 answer
  • The quadratic function f(x) = x^2 + 8x + 17 is equal to zero when x - a + bi
    14·1 answer
  • The ordered pairs below represent a relation between x and y.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!