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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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Answer:

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Step-by-step explanation:

Let

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y = number of dimes

z = number of quarters

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Subtract (3) from (5)

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y = 2z

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Substitute the value of y and z into

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Read 2 more answers
Use the given function and the given interval to complete parts a and b. f (x )f(x)equals=negative 2 x cubed plus 21 x squared m
Leya [2.2K]

Answer:

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Step-by-step explanation:

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Find the first derivative.

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Set the first derivative equal to zero.

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The maximum will occur at the highest f(x) value and the minimum will occur at the lowest f(x) value.

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Absolute Minimum: (2,-52)

The graph is attached.

The absolute minimum and maximum of f(x) are (2,-52) and (5,-25) respectively.

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