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1 answer:
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Answer:
Current monthly payment on their existing mortgage would be $1158.66
Step-by-step explanation:
Total cash value = $160,000
Down payment = 10% of 160,000
Down Payment = $16,000
Balance amount = 160,000 - 16,000 = $144,000
Monthly payment formula:
where,
PV is present value of home, PV=$144,000
r is rate per period ,
n is number of period, n=30x12 = 360
Monthly payment would be same for 30 years.
Thus, Current monthly payment on their existing mortgage would be $1158.66
Answer:
Substitution property of equality
Step-by-step explanation:
Given
and
Then
Required
State the property
From the list of options, (d) answers the question.
This is so because:
Substitution property of equality states that
If then
In other words, both can replace one another.
So if , then 2y + 1 can be substituted for x in
So:
becomes
<em>Hence, it is substitution property of equality</em>