Answer: The total interest paid on the mortgage is $179550
Step-by-step explanation:
The initial cost of the property is $300000. If he deposits $30000, the remaining amount would be
300000 - 30000 = $270000
Since the remaining amount was compounded, we would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 270000
r = 2% = 2/100 = 0.02
n = 12 because it was compounded 12 times in a year.
t = 25 years
Therefore,
A = 270000(1+0.02/12)^12 × 25
A = 270000(1+0.0017)^300
A = 270000(1.0017)^300
A = $449550
The total interest paid on the mortgage is
449550 - 270000 = $179550
X= A) 80 I believe you double 120 to 240 and divide by the 4 quarters.
The problem above is an example of conditional probability. From the name itself, it gives you a condition that a certain event has already happen, or is sure to happen. In this case, the probability would be 100% or 1. The condition says that the probability is 100% if the packages are more than 3. Since, 4 is considered to be more than 3, then the probability is 100%.
Answer: $107,836.69 or about $107,837 (to the nearest dollar)
Step-by-step explanation:
Formula to the accumulated amount received after investing principal amount (P) at rate of interest (r) compounded monthly for t months :
As per given , A = $130,000
r= 7.5% = 0.075
t= 30 months
Now,
Hence he need to invest $107,836.69 .
In this question, both tickets cost 2$ per ticket.
The answer to this question would be: $0
In WinOne scenario, you need to match a ticket that has to pick from A-J(10 possibilities) and 0-9 (10 possibilities). The chance to win would be: 1/10* 1/10= 1/100
The expected value must be:
E= chance to win * win amount - ticket price
E= 1//100*$200 - $2= $2-$2= 0
