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:
$9.68 more an hour
Step-by-step explanation:
Answer:
2 miles
Step-by-step explanation:
Their combined speed (speed of closure) is 80 mph + 40 mph = 120 mph.
120 mi/h = 120 mi/(60 min) = 2 mi/min
The distance between the trains at the 1-minute mark is ...
(1 min) · (2 mi/min) = 2 mi
They were warned when two miles apart.
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