The answer for the problems are below in the picture let me know if that makes sense.
The amount add to the borrower's monthly payment is $313.33.
Given that lender requires PMI that is 0.8% of the loan amount of $470,000.
A loan's PMI, or personal mortgage insurance, is a type of mortgage insurance used by lenders when making traditional loans such as home loans. A PMI helps cover the loss to the lender (bank) if the borrower stops making monthly mortgage payments on their home loan. Therefore, the PMI can be described as a kind of risk mitigation tool for the bank when the borrower defaults on their EMIs (monthly mortgage payments). So, PMI for a borrower is an additional cost or payment for the borrower on top of his monthly payments i.e. EMI.
Thus, the additional amount of dollars that the borrower has to pay for the PMI on his loan along with his monthly mortgage payments
= Principal Loan amount × (PMI/12)
= $470,000 × (0.8%/12)
= $470,000 × (0.008/12)
= $470,000 × 0.0006666667
=$313.333349
Hence, the additional monthly payment for PMI where lender requires PMI that is 0.8% of the loan amount of $470,000 is $313.33.
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Answer:
Y=5x
Step-by-step explanation:
slope equation
<u>y-y1</u>
x-x1
10-0=10
2-0=2
10/2=5
Function transformation involves changing the form of a function
The function g(x) is 
The function is given as:
g(x) is an exponential function that passes through points (-2,2) and (-1,4).
An exponential function is represented as:
At point (-2,2), we have:
At point (-1,4), we have:
Divide both equations
Simplify
Apply law of indices
Rewrite as:
Substitute 2 for b in
This gives
Multiply both sides by 4
Substitute 8 for (a) and 2 for (b) in
Express as a function
Hence, the function g(x) is
Read more about exponential functions at:
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Answer:
6 hours
Step-by-step explanation:
Let
x----> the number of hours worked at the donut shop
y----> the number of hours worked at the school bookstore
we know that
x+y=20
x=20-y -----> equation A
10.25x+8.75y=196 -----> equation B
Substitute equation A in equation B and solve for y
10.25(20-y)+8.75y=196
205-10.25y+8.75y=196
10.25y-8.75y=205-196
1.5y=9
y=6 hours at the school bookstore
