Hello from MrBillDoesMath!
Answer:
Interest paid = $ 1,713,568.73
Monthly p[payment = $4913.25
Discussion:
From the "compound interest formula:
A = final amount
P = Initial amount (Principal)
r = yearly interest rate
n = number of years of accumulation.
In our case,
A = 350000( 1 + .052)^35 =
350000 (5.90) = (approx)
$2,063,568.73
Interest = $2,063,568.73 - 350000 = $ 1,713,568.73
There are 35 *12 = 420 months in 35 years. So the monthly payment would be ($2,063,568.73 / 420) = $4913.25
Thank you,
MrB
The cost equation has a constant rate of change, so this is a line of the form:
y=mx+b, you are told that there is a flat fee of $5 and an hourly rate of $2 so
y=2x+5
The y-intercept (the value of y when x=0) is 5. The point (0,5) on the line.
There are no real solutions to solve Z. If there may be a typo or something, there are no solutions.
Answer:
-5 feet below
Step-by-step explanation:
