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
Lemur [1.5K]
3 years ago
6

Sam takes out a $167,000 mortgage for 20 years. He makes monthly payments and at the end calculates

Mathematics
1 answer:
cupoosta [38]3 years ago
8 0

Answer:

The Annual rate of interest for the mortgage is 1.8%

Step-by-step explanation:

Given as :

The mortgage principal = p = $167,000

The time period of mortgage = t = 20 years

The Amount paid towards mortgage in 20 years = A = $240,141

Let the Annual percentage rate on interest = r % compounded annually

Now, <u>From Compound Interest method</u>

Amount = Principal × (1+\dfrac{\textrm rate}{100})^{\textrm time}

Or, A = p × (1+\dfrac{\textrm r}{100})^{\textrm t}

Or, $240,141 = $167,000 × (1+\dfrac{\textrm r}{100})^{\textrm 20}

or, \dfrac{240,141}{167,000} =  (1+\dfrac{\textrm r}{100})^{\textrm 20}

Or , 1.437 =  (1+\dfrac{\textrm r}{100})^{\textrm 20}

Or, (1.437)^{\frac{1}{20}} = (1+\dfrac{r}{100})

or, 1.018 = (1+\dfrac{r}{100})

Or, \dfrac{r}{100} =  1.018 - 1

Or, \dfrac{r}{100} = 0.018

∴ r = 0.018 × 100

i.e r = 1.8

So, The rate of interest applied = r = 1.8 %

Hence, The Annual rate of interest for the mortgage is 1.8%  Answer

You might be interested in
Choose the correct description of the graph of the compound inequality x − 3 &lt; −9 or x + 5 greater than or equal to 10.
forsale [732]
X - 3 < 9    or    x + 5 ≥ 10
  + 3 + 3               - 5   - 5
     x < 12      or      x ≥ 5

Solution Set: {x|x < 12 or x ≥ 5}, (-∞, 12) or (5, ∞)
8 0
3 years ago
Read 2 more answers
Pls help me solve this problem!!
ddd [48]

Answer:

49.85

Step-by-step explanation:

41 is the mean, so half of the daily requests are above that number, half below, the question is about numbers above the mean, so the lower numbers won't be included in the percentage.

The difference between 59 and 41 is 18. The standard deviation given is 6.

18 ÷ 6 = 3  So that is 3 standard deviations. The empirical rule states that 99.7 of all values are within 3 standard deviations from the mean. But we are looking at only the upper half of those values so 99.7 ÷ 2 = 49.85 %

If the answer asks for approximate, you could round to 49.9 or 50.

And tell the math people to learn the correct spelling of fluorescent!

4 0
3 years ago
The coordinates of the vertices of a polygon are shown on the grid bel​
Nutka1998 [239]

Answer:

4

Step-by-step explanation:

4 0
2 years ago
What is the correct value of x in the triangle
seraphim [82]

Answer: 4

Step-by-step explanation:

Using the 30°-60°-90° Triangle Theorem we know that the base side is half of the hypotenuse. That means it is half of 8 which is 4

4 0
3 years ago
The measure of the hypotenuse is? (side c)
Sliva [168]
Answer: 25
explanation:
7² + 24² = c²
49 + 576 = c²
625 = c²
c = √625
c= 25

or just know some pythagorean triples
4 0
3 years ago
Read 2 more answers
Other questions:
  • How do the side lengths of polygon ABCD compare with those of the translated images? What can you say about preservation of the
    8·2 answers
  • The expression 53 ( 1 − x) gives the discounted price of a pair of shoes, where x is the percent of the discount written in deci
    13·2 answers
  • A multivitamin tablet contains 10.5 mg of calcium. How much calcium does a bottle of 50 tablets contain? Write your answer in gr
    14·2 answers
  • There are 12 snowflakes and 18 snowmen. Write an equivalent ratio of snowmen to snowflakes in simplest form using a colon
    7·1 answer
  • Which number is a common factor of 32, 48. and 80?<br><br> 12<br> 10<br> 8<br> 9
    9·1 answer
  • Simplify: (x − 7)(6x − 3)
    7·1 answer
  • Need help!! ASAPP! <br><br>With number #4<br><br><br>thx &lt;3
    13·1 answer
  • Sylvia and Patrick plotted the information they gathered on the weight of cars and the mileage they get. Then they each drew a l
    9·2 answers
  • -3(2x + 8) =<br> A) -6x + 8<br> B) 6x + 24<br> C) -6x + 24<br> D) -6x - 24
    6·1 answer
  • 3/81 Get points for easy questions
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!