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natulia [17]
2 years ago
10

Sofia is purchasing a home for a list price of $245,000. She has a dow payment of $25,000 and takes out a 20 year mortgage for t

he remainder at 5 annual interest. Determine her monthly payments. You may use the formula from the last page of this exam or the TVM solver. If you use the TVM solver please show your calculator inputs.
Mathematics
1 answer:
eduard2 years ago
5 0

Answer:

Sofia's monthly payments will be $ 1,222.22.

Step-by-step explanation:

Given that Sofia is purchasing a home for a list price of $ 245,000, and she has a down payment of $ 25,000 and takes out a 20 year mortgage for the remainder at 5 annual interest, to determine her monthly payments the following calculation must be performed:

((245,000 - 25,000) x 0.05 x 20 + (245,000 - 25,000)) / 30 x 12 = X

(220,000 x 0.05 x 20 + 220,000) / 360 = X

(11,000 x 20 + 220,000) / 360 = X

(220,000 + 220,000) / 360 = X

440,000 / 360 = X

1,222.22 = X

Therefore, Sofia's monthly payments will be $ 1,222.22.

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You have $5600. The best interest rate you can find is 3%
EleoNora [17]

Answer:

18 years

Step-by-step explanation:

The formula for computing accrued amount A for a principal of P at an interest rate of r(in decimal) compounded n times in a year for t years is given by

A = P(1 + \frac{r}{n})^{nt}

Note that r is percentage converted to decimal. So 3% = 3/100 = 0.03

We can rearrange the above equation to:

\frac{A}{P} = (1 + \frac{r}{n})^{nt}

Taking logs on both sides

log(\frac{A}{P}) = log(1 + \frac{r}{n})^{nt}

This gives

log(\frac{A}{P}) =nt \times log(1 + \frac{r}{n})\\So,\\nt = \frac{log(\frac{A}{P})}{ log(1 + \frac{r}{n})}

In this particular problem, n = 4, , A= 9600, P = 5600, r =0.03, so r/n = 0.03/4 = 0.0075

1 + r/n = 1+0.0075 = 1.0075

4t = log(9600/5600)/log(1.0075) = log(1.714) / log(1.0075) = 0.234 /0.00325 = 72

t = 72/4 = 18 years

4 0
2 years ago
A rectangular prism with a height of 6 m, a length of 5 m, and a width of 4 m will have a different surface area than a rectangu
photoshop1234 [79]
The surface area of both will be the same, 148
3 0
3 years ago
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Leela made goody bags for her party and put 5 pieces of candy in each bag. She bought gummies and chocolates yo put in het goody
slavikrds [6]

Answer:

4 ways

Step-by-step explanation:

1 gummy 4 chocolates

2 gummy 3 chocolates

3 gummy 2 chocolates

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This is what i think the answer is hope it helps

5 0
3 years ago
Two points on a line L are (5,2) and (7,-4). what is the slope of L
klemol [59]

Answer:

-3

Step-by-step explanation:

The slope of a line can be calculated with the formula (y2-y1)/(x2-x1)

In this case we have:

(-4-(2))/(7-5)

(-6)/(2)

-3

Let me know if this helps!

8 0
2 years ago
What the slope (0,-1) and (2,-5)​
34kurt

Answer:

-4/2, or finding slope is (difference of y)/(difference of x) inserting those numbers into the equation would be (-5-(-1))/(2-0), which would become -4/2, which is basically -2.

3 0
3 years ago
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