A couple purchases a house for $400,000.00. They pay 20% down at closing, and take out a mortgage of $320,000.00. The mortgage company offers them a 4.80% annual rate with monthly compounding. The mortgage will require monthly payments for the next 30 years.
What will be the monthly payment on this mortgage?
Answer:
$ 1678.91
Explanation:
Given that;
Cost of purchasing a house = $400,000.00
Down payment =20%
Mortgage Value (MV) = $320,000.00
Annual rate offered by the mortgage company = 4.80% yearly i.e 0.4 per month
Duration of the Mortgage Loan (n) = 30 years which is equivalent to 360 months.
if we represent the monthly repayment with MR ,To calculate the monthly repayment MR;we have;
MV = MR × ![(\frac{1}{i})*[1-(\frac{1}{(1+i)^{n}} )}]](https://tex.z-dn.net/?f=%28%5Cfrac%7B1%7D%7Bi%7D%29%2A%5B1-%28%5Cfrac%7B1%7D%7B%281%2Bi%29%5E%7Bn%7D%7D%20%29%7D%5D)
where i = 0.004 (4.8 % annually expressed as 0.48, divided by 12 monthly payments per year)
∴
= 
![*(\frac{1}{0.004})*[1-(\frac{1}{1+0.004)^{360}}})]](https://tex.z-dn.net/?f=%2A%28%5Cfrac%7B1%7D%7B0.004%7D%29%2A%5B1-%28%5Cfrac%7B1%7D%7B1%2B0.004%29%5E%7B360%7D%7D%7D%29%5D)
320,000.00 = MR × 190.60
Monthly repayment (MR) = $ 1678.90870933
Monthly repayment (MR) ≅ $ 1678.91
Ide is the answer for the test
Answer:
XY would have a higher melting point than NaCl.
Explanation:
The electrostatic force (F) between ions in an ionic lattice can be estimated using Coulomb's Law.
where,
k is the Coulomb's constant
q₁ and q₂ are the charges of the ions
r is the distance between the ions
X⁺⁺ and Y⁻⁻ are doubly charged with respect to Na⁺ and Cl⁻ so the force between them is 4 times the force between Na⁺ and Cl⁻. Since the force is stronger, it would require more energy to break it to take it to the liquid state, so a higher melting point is expected.
The number of moles of sodium dichromate from the number of moles of oxygen atoms can be determined through stoichiometry. Using the molecular formula of the compound, Na2Cr2O7, 1 mole of the compound contains 7 moles of oxygen. Hence, 14 moles O2*(1 mole Na2Cr2O7/ 7 mole O2) is equal to 2 moles <span>Na2Cr2O7.</span>
The theory that describes the motion and force driving earth's plates is Plate tectonics
Explanation:
Plate tectonics states that the outer shell of the Earth is divided into plates that glide and move over the mantle which is the surface of the earth.
The mantle is the rocky inner layer above the core of the Earth.
Plate tectonics helped the geologists to explain how continents could move around the planet.
There are 9 major plate tectonics , namely North American, Pacific, Eurasian, Australian, African, Indo - Australian,Indian South American and Antarctic. These plates have been named after the land form found on them.
