3

The Bainter family is moving to a new town and needs a place to live. The Bainters are considering renting or purchasing a home

OlgaM077 [116]

The total first-year cost when purchasing the home is <u>a) 37,041.84.</u>

<h3>What is a mortgage cost?</h3>

The mortgage cost includes the principal, interest, taxes, and insurance costs.

While the principal repayment pays down the outstanding mortgage loan, the interest is the borrowing or finance cost.

The interest amount depends on the interest rate and the mortgage loan balance.

<h3>Data and Calculations:</h3>

List price = $150,000

Down payment = $30,000

Mortgage loan = $120,000 ($150,000 - $30,000)

Mortgage period = 30 years

Interest rate = 4.2%

Annual mortgage payment = $7,041.84 (determined using an online finance calculator as follows)

First-year cost for purchasing the home = $37,041.84 ($7,041.84 + $30,000)

Home Price = $150,000

Down Payment = $30,000

Loan Term = 30 years

Interest Rate = 4.2%

<u>Results:</u>

Monthly Pay: $586.82

Annual payment = $7,041.84 ($586.82 x 12)

House Price $150,000.00

Loan Amount $120,000.00

Down Payment $30,000.00

Total of 360 Mortgage Payments $211,255.42

Total Interest $91,255.42

Mortgage Payoff Date Jun. 2052

<h3>Question Completion:</h3>

The home for sale is listed at $150,000.00. They have $30,000.00 for a down payment and are qualified for a fixed-rate 30-year mortgage with an annual interest rate of 4.2%. • The rental home is currently 8900.00 per month, with rent expected to increase by approximately $75.00 every year.

Thus, the total first-year cost when purchasing the home is <u>a) 37,041.84.</u>

Learn more about mortgage costs at brainly.com/question/22846480

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6 0

2 years ago

Simplify the ratio 24:120

Vaselesa [24]

24: 1, 2, 3, 4, 6, 8, 12, 24
120: 1, 2, 3, 4, 5, 6, 8, 10, 12, 15, 20, 24, 30, 40, 60, 120

The GCF of 24 and 120 is 24.

$24:120 / 24:24 = \\ 1:5$

3 0

3 years ago

Read 2 more answers

The probability that a lab specimen contains high levels of contamination is 0.15. A group of 4 independent samples are checked.

Lady bird [3.3K]

Answer:

0.5220

Step-by-step explanation:

Since the probability of contamination is 0.15, the probability of no contamination is 1 - 0.15 = 0.85

The probability that they are all contaminated will be 0.85 * 0.85 0.85 * 0.85 = 0.52200625

This is 0.5220 to four decimal

5 0

3 years ago

A blueprint for a house has a scale of 1:5 feet. The living room has a length of 2.5 inches and a width of 3 inches. What is the

stiks02 [169]

Answer:

Step-by-step explanation:

Set this up as a proportion, with inches on the top and feet on the bottom for our scale. We will find the actual length first, then we'll find the width.

$\frac{in}{ft}:\frac{1}{5}=\frac{2.5}{x}$

Cross multiply to get that the actual length is 5(2.5) = 12.5 feet. Now for the width:

$\frac{in}{ft}:\frac{1}{5}=\frac{3}{x}$

Cross multiply to get that the actual width is 5(3) = 15 feet.

If you want the area of the room, multiply the length times the width to get

A = 15(12.5)

A = 187.5 feet squared

7 0

3 years ago

How many nonzero terms of the Maclaurin series for ln(1 x) do you need to use to estimate ln(1.4) to within 0.001?

Vilka [71]

Answer:

The estimate of In(1.4) is the first five non-zero terms.

Step-by-step explanation:

From the given information:

We are to find the estimate of In(1 . 4) within 0.001 by applying the function of the Maclaurin series for f(x) = In (1 + x)

So, by the application of Maclurin Series which can be expressed as:

$f(x) = f(0) + \dfrac{xf'(0)}{1!}+ \dfrac{x^2 f"(0)}{2!}+ \dfrac{x^3f'(0)}{3!}+... \ \ \ \ \ --- (1)$

Let examine f(x) = In(1+x), then find its derivatives;

f(x) = In(1+x)

$f'(x) = \dfrac{1}{1+x}$

f'(0) $= \dfrac{1}{1+0}=1$

f ' ' (x) $= \dfrac{1}{(1+x)^2}$

f ' ' (x) $= \dfrac{1}{(1+0)^2}=-1$

f ' ' '(x) $= \dfrac{2}{(1+x)^3}$

f ' ' '(x) $= \dfrac{2}{(1+0)^3} = 2$

f ' ' ' '(x) $= \dfrac{6}{(1+x)^4}$

f ' ' ' '(x) $= \dfrac{6}{(1+0)^4}=-6$

f ' ' ' ' ' (x) $= \dfrac{24}{(1+x)^5} = 24$

f ' ' ' ' ' (x) $= \dfrac{24}{(1+0)^5} = 24$

Now, the next process is to substitute the above values back into equation (1)

$f(x) = f(0) + \dfrac{xf'(0)}{1!}+ \dfrac{x^2f' \ '(0)}{2!}+\dfrac{x^3f \ '\ '\ '(0)}{3!}+\dfrac{x^4f '\ '\ ' \ ' \(0)}{4!}+\dfrac{x^5f' \ ' \ ' \ ' \ '0)}{5!}+ ...$

$In(1+x) = o + \dfrac{x(1)}{1!}+ \dfrac{x^2(-1)}{2!}+ \dfrac{x^3(2)}{3!}+ \dfrac{x^4(-6)}{4!}+ \dfrac{x^5(24)}{5!}+ ...$

$In (1+x) = x - \dfrac{x^2}{2}+\dfrac{x^3}{3}-\dfrac{x^4}{4}+\dfrac{x^5}{5}- \dfrac{x^6}{6}+...$

To estimate the value of In(1.4), let's replace x with 0.4

$In (1+x) = x - \dfrac{x^2}{2}+\dfrac{x^3}{3}-\dfrac{x^4}{4}+\dfrac{x^5}{5}- \dfrac{x^6}{6}+...$

$In (1+0.4) = 0.4 - \dfrac{0.4^2}{2}+\dfrac{0.4^3}{3}-\dfrac{0.4^4}{4}+\dfrac{0.4^5}{5}- \dfrac{0.4^6}{6}+...$

Therefore, from the above calculations, we will realize that the value of $\dfrac{0.4^5}{5}= 0.002048$ as well as $\dfrac{0.4^6}{6}= 0.00068267$ which are less than 0.001

Hence, the estimate of In(1.4) to the term is $\dfrac{0.4^5}{5}$ is said to be enough to justify our claim.

∴

The estimate of In(1.4) is the first five non-zero terms.

8 0

3 years ago