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12345 [234]
3 years ago
5

Mark takes out a $238,000 mortgage for 30 years. Instead of paying his monthly payment of $1,220.09, he decided to pay $1,420.09

. This leads to Mark paying off the entire mortgage in 22 years and 5 months. Mark calculates the percent of the total loan he pays back in interest with and without the extra payments. What is the difference between Mark's calculated percentages?
Mathematics
1 answer:
Stells [14]3 years ago
8 0

Answer:

24.04%

Step-by-step explanation:

Given that:

Mortgage = $238,000

Number of years = 30

Monthly payment without extra payment= $1220.09

Monthly payment with extra payment = $1420.09

Total amount paid :

Number of months * monthly payment

12 months = 1year

30 years = (30 * 12) = 360 months (without extra payment)

22 years 5 months = (22 * 12) + 5 = 269 months (with extra payment)

Amount paid without extra payment :

$1220.09 * 360 = $439232.4

Percentage of total loan paid as interest :

((439232.4 - 238000) / 238000) * 100%

= 0.8455142 = 84.55%

Amount paid with extra payment :

$1420.09 * 269 = 382004.21

Percentage of total loan paid as interest :

((382004.21 - 238000) / 238000) * 100%

= 0.6050597 = 60.51%

Difference between percentages:

84.55% - 60.51% = 24.04%

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<h3 /><h3>What is congruency?</h3>

The Side-Angle-Side Congruence Theorem (SAS) defines two triangles to be congruent to each other if the included angle and two sides of one is congruent to the included angle and corresponding two sides of the other triangle.

An included angle is found between two sides that are under consideration.

See image attached below that demonstrates two triangles that are congruent by the SAS Congruence Theorem.

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The one pair of corresponding angles that are congruent MUST be "INCLUDED ANGLES".

Therefore, based on the SAS congruence criterion, the statement that best describes Angie's statement is:

Two triangles having two pairs of congruent sides and a pair of congruent angles do not necessarily meet the SAS congruence criterion, therefore Angie is incorrect.

Learn more about congruency at

brainly.com/question/14418374

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