Answer:
The total monthly mortgage payment for the house is $975.63
Step-by-step explanation:
The principle amount is $175000
80% of 175000 is = 
= $140000
20% of 175000 is = 
= $35000
Emi formula is :
For 1st part:
p = 140000
r = 4.75/12/100=0.00395
n = 
Putting values in formula we get
= $729.508
For 2nd part:
p = 35000
r = 7.525/12/100=0.00627
n =
Putting values in formula we get
= $245.301
Adding both the monthly payments:
dollars
This is closest to option A.
So, option A is the answer.
And for 30 years the mortgage payment will be =
dollars
Answer:
(1,3)
Step-by-step explanation:
It is just where the points fall on the graph
Given Information:
Years = t = 35
Semi-annual deposits = P = $2,000
Compounding semi-annually = n = 2
Interest rate = i = 6.5%
Required Information
Accumulated amount = A = ?
Answer:
Accumulated amount = $515,827
Step-by-step explanation:
The future value of amount earned over period of 35 years and interest rate 6.5% with semi-annual deposits is given by
FV = PMT * ((1 + i/n)^nt - 1)/(i/n))
Where
n = 2
i = 0.065
t = 35
FV = 2000*((1 + 0.065/2)^2*35 - 1)/(0.065/2))
FV = 2,000*(257.91)
FV ≈ $515,827
Therefore, Anthony will have an amount of $515,827 when he retires in 35 years.
