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
A car is `160` inches long. <br><br><br><br> A truck is `7\%` longer than the car.
iragen [17]

Answer:

171.2 inches

Step-by-step explanation:

7% is equaled to 0.07 and multiplied by 160 equals 11.2 then I added that to 160 to get 171.2 inches. I hope im correct.

6 0
2 years ago
Help ME! I’m literly struggling
miv72 [106K]

Answer:

See explanation below

Step-by-step explanation:

BD - diagonal                                    Added Construction              

m∠CBD = m∠ADB            Alternate Interior Angles Theorem        

BD ≅ DB                                             Reflexive Property                  

m∠A = m∠C                          Opposite ∠'s Congruent Theorem

ΔABD ≅  ΔCDB                                     AAS or SAS                                    

BC ≅  DA                                                 CPCTC              

AC - diagonal                                             Added Construction    

m∠BCA = m∠CAD                   Alternate Interior Angles Theorem

AC ≅ CA                                                  Reflexive Property    

m∠B = m∠D                              Opposite ∠'s Congruent Theorem

ΔABC ≅  ΔCDA                                            AAS or SAS                                                  

AB ≅  CD                                                           CPCTC          

6 0
2 years ago
The table represents the amount of storage space, in megabytes, used by music files on Zayd’s computer.
goldenfox [79]

Answer:

As the number of files increases, the storage space used increases.

4 0
2 years ago
Read 2 more answers
What is the average rate of change of the amount of the element over the 10-minute experiment? *
Dima020 [189]

Answer:

-2.7  g/min

Step-by-step explanation:

Given: a graph

To find: the average rate of change of the amount of the element over the 10-minute experiment

Solution:

A rate of change of one quantity with respect to another quantity is known as rate of change. If y is the dependent variable and x is the independent variable then average rate of change = change in y /change in x.

From the graph,

change in x (time) = 10-0=10 minutes

change in y ( amount of the element) = 3.22-30=-26.78 g

So, average rate of change = \frac{-26.78}{10} =-2.7  g/min

7 0
3 years ago
Write an equation for the line parallel to the given line that contains C.<br> Help
tangare [24]
There is no photo shown
6 0
3 years ago
Other questions:
  • What coordinate for F would make triangle ABC and triangle DEF congruent? (The file of the image is attached!)
    5·2 answers
  • PLEASE HELP !!! HURRY!! Given m || n, find x.
    14·2 answers
  • Question 3 (20points)<br> Solve the quadratic equation using the quadratic<br> -x2+8x=7
    11·1 answer
  • Which expression is equal to x^2+16
    8·2 answers
  • dante's mom will bake chocolate chip cookies for the children making snowman outside! she bake 60 cookies. Each child must have
    15·2 answers
  • X 2 + 6x + 8 = 0 Final answer: x = x = ____
    5·1 answer
  • Some help please? No links or I will report.
    5·2 answers
  • I NEED HELP PLEASE!!!
    5·1 answer
  • Work out the area of this circle.
    12·2 answers
  • I need help with this question​
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!