Patrick starts hiking at an elevation of -418 feet. He ascends to an elevation of 387 feet and then descends to an elevation 94
feet higher than where he began. He descends 132 feet. What is the elevation of where he stops hiking?. Single line text.
1 answer:
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Answer:
Their monthly house payment is of $2,184.65.
Step-by-step explanation:
Compound interest:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
A family buys a new home for $212,500 and pays a 20% down payment ($42,500).
This means that the loan is of 212,500 - 42,500 = $170,000, that is,
Value of the loan in 15 years:
15 years means that
5.75% interest means that
Compounded yearly, so
Then
Monthly payment:
Total of $393,237 in 15*12 months. So
Their monthly house payment is of $2,184.65.