HELP ME PLEASEEEEEEEEEEEE

Chris and Becky are comparing mortgages. The mortgage is for $183,500. If they choose 30 years at 5%, their monthly payment will

Anestetic [448]

Answer:

Total payback for Loan type 1 = $354,625.20

Total payback for Loan type 2 = $278,618.40

Explanation

Total payback of a loan consists of the summation of the amount of mortgage to be paid and total interest to be paid after the given number of years.

Total payback of a loan can also be calculated by multiplying your monthly payment of the loan by the total number of months given for payment.

a. For Loan type 1

In the question we have been given or monthly payment = $985.07

The formula for Total payback for Loan type 1 = Monthly payment × number of months

Numbers of years for payment of loan = 30 years

1 years = 12 months

Hence,

Number of months = 30 years × 12 months

Number of months = 360 months

Total payback of loan = $985.07 × 360 months

= $354,625.20

b. For Loan type 2

In the question we have been given or monthly payment = $1160.91

The formula for Total payback for Loan type 1 = Monthly payment × number of months

Numbers of years for payment of loan = 30 years

1 years = 12 months

Hence,

Number of months = 20 years × 12 months

Number of months = 240 months

Total payback of loan = $1160.91 × 240 months

= $278,618.4

Step-by-step explanation:

4 0

2 years ago

0.8342 as a fraction?

ratelena [41]

Answer:

4171/5000

Step-by-step explanation:

When diving 4171 by 5000, you get the answer of 0.8342. If you are using a calculator, you can use a button that allows you to convert decimals to fractions and vice versa.

5 0

3 years ago

Jaclyn is selling cookies for her club. She sells 2 boxes for $5. What unit rate expresses the cost per box?

Amiraneli [1.4K]

Divide 5 by 2 representing each box by the price. Which equals to $2.50 each box.

8 0

3 years ago

Which shows a correct order to solve this story problem? Maxine had to pay $1.46 in sales tax on her purchases. She bought 3 bar

romanna [79]

Choice B would be the correct answer. I hope that helps! :D

4 0

3 years ago

Monday: 10 apples and 5 bananas cost £4.20 Friday: 8 apples and 10 bananas cost £5.40 Find the cost of each - with an explanatio

motikmotik

Answer:

An apple costs £0.25

A banana costs £0.34

Step-by-step explanation:

Let a be apples and b be bananas.

10a+5b=4.2

8a+10b=5.4

Solve for a:

10a+5b=4.2

Subtract 5b from both sides

10a=4.2-5b

Subtract 4.2 from both sides

10a-4.2= -5b

Multiply both sides by -1

-10a+4.2=5b

8a+10b=5.4

Subtract 10b from both sides

8a=5.4-10b

Subtract 5.4 from both sides

8a-5.4= -10b

Multiply both sides by -1

-8a+5.4= 10b

Divide both sides by 2

-4a+2.7=5b

Combine equations:

-4a+2.7= -10a+4.2

Add 10a to both sides

6a+2.7=4.2

Subtract 2.7 from both sides

6a=1.5

Divide both sides by 6

a=0.25

An apple costs £0.25

Solve for b:

10a+5b=4.2

Subtract 10a from both sides

5b= -10a+4.2

Subtract 4.2 from both sides

5b-4.2= -10a

Multiply both sides by -1

-5b+4.2=10a

8a+10b=5.4

Subtract 8a from both sides

10b= -8a+5.4

Subtract 5.4 from both sides

10b-5.4= -8a

Divide both sides by 4

2.5b-1.35= -2a

Multiply both sides by 5

12.5b-6.75= -10a

Multiply both sides by -1

-12.5b+6.75=10a

Combine equations:

-12.5b+6.75= -5b+4.2

Add 12.5b to both sides

6.75=7.5b+4.2

Subtract 4.2 from both sides

2.55=7.5b

7.5b=2.55

Divide both sides by 7.5

b=0.34

A banana costs £0.34

If you would like to check and see if it is true, (I already checked, it is) you can use the formulas I gave at the start of the explanation.

10a+5b=4.2

8a+10b=5.4

a=0.25

b=0.34

3 0

3 years ago