14 9/16- 8 1/4 rounded to the nearest whole number
1 answer:
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Answer:
$711.23
Step-by-step explanation:
We assume the entire closing cost went to reducing the principal of the loan. Then the amount borrowed was $147,192.
<h3>Monthly payment</h3>The amortization formula tells you the monthly payment.
A = P(r/12)/(1 -(1 +r/12)^(-12t))
P is the principal, r is the annual rate, and t is the number of years.
The monthly payment is ...
A = $147,192(0.041/12)/(1 -(1 +0.041/12)^-360) ≈ $711.23
Jeff's monthly payment is $711.23.
You're very close. However, the less steep line should go through (4,7) and not some point slightly above that location. Also, the shaded region should be above both dashed lines at the same time. So you won't include the portion that I've marked in blue (see attached). Other than that, it looks great.
