Amount of the mortgage after down payment is
160,000−160,000×0.2=128,000
Now use the formula of the present value of annuity ordinary to find the yearly payment
The formula is
Pv=pmt [(1-(1+r)^(-n))÷r]
Pv present value 128000
PMT yearly payment?
R interest rate 0.085
N time 25 years
Solve the formula for PMT
PMT=pv÷[(1-(1+r)^(-n))÷r]
PMT= 128,000÷((1−(1+0.085)^(
−25))÷(0.085))
=12,507.10 ....answer
Answer:
p= 44
/9
(44 over 9)
Step-by-step explanation:
You are going to write 7% as a fraction thusly 7/100
Then you are going to multiply it with the cost price
Therefore it will be 7/100x150
Answer:
5/8
Step-by-step explanation:
5/8=0.625
4/9= 0.44
Answer:
23
Step-by-step explanation:
20 *.15=3
20+3=23
