Use the table to determine the total amount paid on a 20 year fixed loan, at 5.5%, of $160,000.
2 answers:
Answer:
Option C- 264,192
Step-by-step explanation:
Given : The total amount paid on a 20 year fixed loan, at 5.5%, of $160,000.
To find : The amount
Solution : From the table we get that monthly payment per $1000 of mortgage when interest rate is 5.5% on a 20-year loan is
Monthly payment per $1000 mortgage is 6.88
Per $1000 the principle is $160
Time in months months
Amount paid for 240 months at principal $160 is
Therefore, Option C is correct.
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The first number in an ordered pair is the x-coordinate, and the second number in an ordered pair is the y-coordinate.
In this problem, the ordered pair is
so
the x-coordinate is equal to
the y-coordinate is equal to
therefore
Rule N 1
The y-value is times the x-value
Rule N 2
The y-value is greater than the x-value
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An ordered pair is used to locate a point on a coordinate grid.
The first number in an ordered pair is the x-coordinate, and the second number in an ordered pair is the y-coordinate.
In this problem, the ordered pair is
so
the x-coordinate is equal to
the y-coordinate is equal to
therefore
Rule N 1
The y-value is
Rule N 2
The y-value is
Both are possible because their solutions include the ordered pair listed