Runner A crosses the starting line of a marathon and runs at an average pace of 5.6 miles per hour. Half an hour later, Runner B
1 answer:
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Step-by-step explanation:
I think, he made a mistake because the exponents have different values but then if you'll look at his results, he just wrote the same thing. If you want, you could post the original problem, and I'll solve it for you :)
In this case we have an ARM fixed for 6 years and adjust after the initial first 6 years every 2 years after. The basic idea behind a ARM is that the interest changes periodically, but since our ARM is fixed for 6 years, our going to calculate the monthly payment during the initial period using the formula: 
where
is the monthly payment
is the amount
is the interest rate in decimal form
is the number years
First we need to convert our interest rate of 4% to decimal form by dividing it by 100%:
We also know from our question that
and 
, so lets replace those values into our formula to find the monthly payment:
We can conclude that the monthly payment during the initial period is $1071.58<span />
where
First we need to convert our interest rate of 4% to decimal form by dividing it by 100%:
We also know from our question that
We can conclude that the monthly payment during the initial period is $1071.58<span />