Answer: The total interest paid on the mortgage is $179550
Step-by-step explanation:
The initial cost of the property is $300000. If he deposits $30000, the remaining amount would be
300000 - 30000 = $270000
Since the remaining amount was compounded, we would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 270000
r = 2% = 2/100 = 0.02
n = 12 because it was compounded 12 times in a year.
t = 25 years
Therefore,
A = 270000(1+0.02/12)^12 × 25
A = 270000(1+0.0017)^300
A = 270000(1.0017)^300
A = $449550
The total interest paid on the mortgage is
449550 - 270000 = $179550
Answer is: x=3
Add the two equations together to eliminate y from the system.
Then divide each term by 5 and simplify.
Step 1:
Set Variables (We will use x & y)
x = years
y = total orangutan population
Step 2:
Set up Equations
784 - 25x = y
817 - 36x = y
Step 3:
Set equations equal to each other & solve
784 - 25x = 817 - 36x
784 = 817 - 11x
-33 = -11x
3 years = x
Answer:
0'777
+765
Step-by-step explanation:
