You forgot to expand and simplify it... you only did step one, carry on your doing great 4 marks doesn’t come easy :)
The monthly payment on the mortgage is option C) $2537.44
<u>Step-by-step explanation</u>:
- Principal (P): $
295,000
- Rate (r): 6.3% = 0.063
- Number of times compounded (n): 12months
15 years = 180
- Number of years = 15
The formula is A = P(1 + r/n)^nt
⇒ A = 295000(1+0.063/180)^(180
15)
⇒ A = 295000(180.063/180)^2700
⇒ A = 295000 (1.00035)^2700
⇒ A = 758854.5
Interest = Amount - Principle
⇒ 758854.5 - 295000
⇒ Interest = 463854.5
∴ The monthly payment for 15 years = 463854.5 / (15
12)
The monthly payment on the mortgage = 2576.9 (approximately option C)
Answer:
c=17/16
Step-by-step explanation:
3/16=c-7/8
find the common denominator
3/16=c-14/16
add 14/16 on both sides to cancel
c=17/16
Answer:
Step-by-step explanation:
So we would have to multiply the "2x - 8" by 5 each resulting in 10x - 40 + 15. Then we subtract which results in 10x - 25 = - 15. We add 25 to 25 and 15 resulting in 10x = 10. We divide each by 10 which results in x = 1.
Answer: A.8.7
Step-by-step explanation: