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leva [86]
3 years ago
8

Maya obtains a $423,000 30/10 balloon mortgage with a rate of 5.65%. What will her monthly payments be? (2 points)

Mathematics
1 answer:
lapo4ka [179]3 years ago
8 0

Answer:

Her monthly payment is approximately $4,611.65

Step-by-step explanation:

The monthly payment on the loan is given by the following formula;

A = P \cdot \dfrac{r\cdot (1 + r)^n}{(1 + r)^n - 1}

A = The monthly payment

P = The principal amount = $423,000

r = 5.65%

The number of years = 10 years

A = 423,000 \cdot \dfrac{\dfrac{0.0565}{12} \cdot \left (1 + \dfrac{0.0565}{12} \right )^{180}}{\left (1 + \dfrac{0.0565}{12} \right )^{180} - 1} \approx 4611.65

Her monthly payment, A ≈ $4,611.65

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Step-by-step explanation:

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3 years ago
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Step-by-step explanation:

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