Answer:
Step-by-step explanation:
The slope intercept form is .
The "" is the slope; which in this case is -3. So
.
The "" is the y-intercept, which is this case is the -8 because it is the 2nd number in the coordinate point.
This is why the answer is .
Answer:
Current monthly payment on their existing mortgage would be $1158.66
Step-by-step explanation:
Total cash value = $160,000
Down payment = 10% of 160,000
Down Payment = $16,000
Balance amount = 160,000 - 16,000 = $144,000
Monthly payment formula:
where,
PV is present value of home, PV=$144,000
r is rate per period ,
n is number of period, n=30x12 = 360
Monthly payment would be same for 30 years.
Thus, Current monthly payment on their existing mortgage would be $1158.66