9514 1404 393
Answer:
a. $3,455.20
Step-by-step explanation:
The monthly payment is given by the amortization formula:
A = P(r/12)/(1 -(1 +r/12)^(-12t))
for loan amount P at annual rate r for t years.
For this mortgage, we use P = $530,000, r = 0.068, t = 30.
A = $530,000(0.068/12)/(1 -(1 +0.068/12)^(-360)) ≈ $3,455.20
The monthly payment is $3,455.20.
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<em>Additional comment</em>
In 7 years, the balloon payment will be $481,559.91.
Answer:
The amount in the account after six years is $2,288.98
Step-by-step explanation:
In this question, we are asked to calculate the amount that will be in an account that has a principal that is compounded quarterly.
To calculate this amount, we use the formula below
A = P(1+r/n)^nt
Where P is the amount deposited which is $1,750
r is the rate which is 4.5% = 4.5/100 = 0.045
t is the number of years which is 6 years
n is the number of times per year, the interest is compounded which is 4(quarterly means every 3 months)
we plug these values into the equation
A = 1750( 1 + 0.045/4)^(4 * 6)
A = 1750( 1 + 0.01125)^24
A = 1750( 1.01125)^24
A = 2,288.98
The amount in the account after 6 years is $2,288.98
This is my work hope this helps.
Answer:
x = 17 and y = 37
Step-by-step explanation:
Let the numbers be x and y.
y = 3 + 2x
xy = 629
substituting y in the second equation we get
x(3+2x) = 629
3x + 2
= 629
2 + 3x - 629 = 0
Solving a quadratic equation by using its formula:
x = [-3 ±√(9-4(2)(-629)] / 4
x = [-3 ± √5041] / 4
x = [-3 ± 71] / 4
x = 17 and 
Ignore the negative number in x and just use x = 17 in the first equation we get
y = 3 + 2(17) = 37
