Amount of the mortgage after down payment is
160,000−160,000×0.2=128,000
Now use the formula of the present value of annuity ordinary to find the yearly payment
The formula is
Pv=pmt [(1-(1+r)^(-n))÷r]
Pv present value 128000
PMT yearly payment?
R interest rate 0.085
N time 25 years
Solve the formula for PMT
PMT=pv÷[(1-(1+r)^(-n))÷r]
PMT= 128,000÷((1−(1+0.085)^(
−25))÷(0.085))
=12,507.10 ....answer
I think 10.2 when I use calculater
The digit 4 is in the ten thousands place. Its value is 4 ten thousands, or 40,000. The digit 7 is in the tens place.
0.75x-18.5=0.65x
0.75x-0.65x=18.5
0.1x=18.5
x=18.5/0.1=185
Answer: x=185
To checkt:
0.75(185)-18.5=138.75-18.5=120.25
0.65(185)=120.25
The answer would be 5 years. I=PxRxT.