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Paladinen [302]
3 years ago
12

Jill Barley obtained a 25-year, $60,000.00 mortgage loan from University

Mathematics
1 answer:
kari74 [83]3 years ago
8 0

Answer:

a. Interest = $300

b. Payment to principal = $86.40

c. New balance = $‭59,913.6‬0

Step-by-step explanation:

The monthly payment has both an interest component and a principal repayment component.

The interest component is based on the total principal still due at the time and the principal repayment component will be the rest of the payment.

As the interest is listed in annual terms, it needs to be made a monthly rate:

= 6%/12 months

= 0.5%

Interest = 60,000 * 0.5%

= $300

Payment to principal = 386.40 - 300

= $86.40

New balance = Amount due - payment to principal

= 60,000 - 86.40

= $‭59,913.6‬0

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3 years ago
You want to purchase a new car in 5 years and you anticipate the cost of the car to be $55,000. You are given an investment plan
Usimov [2.4K]
Wow - that is an unusual calculation.  You'll need a formula for the monthly payment of a monthly annuity, and it is located here:
http://www.1728.org/annuity3.htm  (see formula 2)
You'll find THAT page and THIS page very helpful:
http://www.1728.org/annuitym.htm


rate = rate / 1,200
rate = <span> <span> <span> 0.005166666667 </span> </span> </span>
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monthly amount = [Total] / ([(1 + rate)^(n+1) -1] / [rate]) -1

monthly amount =
55,000 / [[( 1<span>.005166666667)^</span>(61)-1] /  1<span>.005166666667] -1
</span>
monthly amount = 55,000 / [[<span><span>1.3693761617</span> -1</span>] / .005166666667]-1
monthly amount = 55,000 / [[.3693761617] / .005166666667]-1
monthly amount = 55,000 / ((<span> <span> <span> 71.4921603244)-1)
</span></span></span>monthly amount = 55,000 / (<span> <span> 70.4921603244)</span></span>
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Yes, it's just that "simple". LOL


5 0
4 years ago
Read 2 more answers
Any help is apprenticed!
nirvana33 [79]
This is the answer. Hope it helps

5 0
3 years ago
Could someone explain.This brainliest.
LekaFEV [45]

Mikayla-132\\\\Zack:\\one\ fourth\ as\ much\ candy\ as\ Mikayla\\\\\dfrac{1}{4}\cdot132=\dfrac{132}{4}=33\\\\Kim:\\three\ times\ as\ much\ candy\ as\ Zack\\\\3\cdot33=99\\\\Answer:\ 132+33+99=264\ pieces

4 0
4 years ago
Translate the word phrase into a math expression. 15 fewer than the product of 4 and a number. 15−4x 15−4x 4x−15 4x−15 (4+x)−15
kotegsom [21]

Answer:

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