What is the value of x that makes the given equation true?
1 answer:
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Answer:
Chips: 99 cents
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Answer:
$1699.25
Step-by-step explanation:
Data:
Cost = $314 000
Down payment = 18 %
Term = 20 yr
i = 5 %/yr
Calculations:
(a) <em>Down payment </em>
Down payment = 314 000 × 0.18
= $56 520
(b) <em>Amount financed </em>
Cost = $314 000
-Down payment = <u> 56 520</u>
Financed = $257 480
(c) <em>Monthly payments </em><em> </em>
The formula for the monthly payment (P) on a loan of A dollars that is paid back in equal monthly payments over n months, at an annual interest rate of i % is
We must express the interest rate on a monthly basis.
I = 5 %/yr = 0.41 667 %/mo = 0.004 1667
n = 2 × 12 = 240 mo
P = $1699.25
Carlos' monthly mortgage payment will be $1699.25.