What is X. PLEASE HELP I GIVE BRAINLEIEST

HELP URGENT PLEASE! The Lees have purchased a new home for $360,000, and put a down payment of $50,000 on it. They have a mortga

bonufazy [111]

Answer:

$191,340.80

Step-by-step explanation:

Step 1

We find the amount that is paid monthly by the Lee's

We are told in the question that:

Cost of the house =$360,000

Down payment = $50,000

We are also told, the balance left after the down payment was made = Mortgage that is amortized at an

Interest rate of 5.25%

Time = 20 years

Hence, Mortgage amount = $360,000 - $50,000 = $310,000

Formula for monthly payment =

M= P[r(1+r)^n/((1+r)^n)-1)]

M = the total monthly mortgage payment.

P = the principal loan amount.

r = your monthly interest rate.

= rate/12

=5.25%/12 = 0.0525/12

= 0.004375

n = number of payments

= number of years × number of months

= 20 × 12 = 240 payments

Formula for monthly payment =

M= P[r(1+r)^n/((1+r)^n)-1)]

M = 310,000[0.004375(1 + 0.004375)^240/((1 + 0.004375)^240 ) - 1]

M = $2,088.92

Therefore, the monthly payment by the Lee's is $2,088.92

Step 2

We calculate the Total Amount paid by the Lee's in 20years because we are told in the question that they paid off their mortgage after 20 years

Total Amount paid = Monthly payments × Number of payments

= $2,088.92 × 240

= $501,340.80

Step 3

The third and final step is to calculate the Total interest paid for 20 years

Total Interest = Total amount paid - Mortgage amount

= $501,340.80 - $310,000

Total Interest: $191,340.80

Therefore,the interest will they have paid in total is $191,340.80

6 0

3 years ago

Makir is saving up his money to buy a iPad that costs $475.99. Right now he has $196.00, and can save $45.00 each week. How many

ehidna [41]

Answer:
5 weeks
Step-by-step explanation:
319.50-21.95=297.55
297.55/63.00=4.72
Since he can't wait for those many weeks, you would round it to 5 so he has enough money

5 0

3 years ago

Read 2 more answers

Write and evaluate the expression. Then, select the correct answer. The sum of forty-five and a number; evaluate when n = 1. 1 4

Colt1911 [192]

The sum of forty-five and a number n is 46.1, and the expression that can represent this can be written "45+n" where the value of n is 1.1

<h3>What is an Expression?</h3>

In mathematics, an expression is defined as a set of numbers, variables, and mathematical operations formed according to rules dependent on the context.

The statement that is given to us is" the sum of forty-five and a number", therefore, the expression that will represent this can be written as,

45 + n,

Now, if the value of n is 1.1. Then the sum will be,

$45+n\\\\=45+1.1\\\\=46.1$

Hence, the sum of forty-five and a number n is 46.1, and the expression that can represent this can be written "45+n" where the value of n is 1.1

Learn more about Expression:

brainly.com/question/13947055

6 0

2 years ago

The owner of Darkest Tans Unlimited in a local mall is forecasting the demand for November the one new tanning booth based on th

lorasvet [3.4K]

Answer:

The forecast for November is 235 if August's forecast was 145.

Step-by-step explanation:

The formula for calculating forecast using exponential smoothing is:

$F_{t} = F_{t-1} + \alpha (A_{t-1} - F_{t-1} )$

Where Ft = New month forecast

Ft-1 = Previous month forecast

At-1 = Previous month actual value

α = smoothing constant

We are given F₈ = 145 (forecast for August), A₈ = 200 (Actual Value for August), α = 2, and we need to compute the forecast for November. So, We will first calculate the forecast for September then October and then November, step-by-step.

So, forecast for September is:

F₉ = F₈ + α (A₈ - F₈)

= 145 + 2*(200-145)

= 145 + 2*55

F₉ = 255

Then, forecast for October is:

F₁₀ = F₉ + α (A₉ - F₉)

= 255 + 2*(220-255)

= 255 + 2*(-35)

F₁₀ = 185

The forecast for November is:

F₁₁ = F₁₀ + α (A₁₀ - F₁₀)

= 185 + 2*(210 - 185)

F₁₁ = 235

8 0

3 years ago

Jared bakes 2 apple pies. He cuts the two pies into pies. Each piece is 1/8 of a pie. How much pie did Jared. cut?

sp2606 [1]

He cut 16 pieces

I really hope this helps :D

4 0

3 years ago