2. Distributive Property
4 is distributed and multiplied inside the parenthesis to x and -5.
4. Subtraction Property of Equality
x is subtracted from both sides of the equation.
4x - x - 22 = x - x + 3
3x - 22 = 3
5. Subtraction Property of Equality
22 is added to both sides of the equation.
3x - 22 + 22 = 3 + 22
3x = 25
6. Division Property of Equality
3 is divided from both sides of the equation.
=
x =
Answer:
$711.23
Step-by-step explanation:
We assume the entire closing cost went to reducing the principal of the loan. Then the amount borrowed was $147,192.
<h3>Monthly payment</h3>The amortization formula tells you the monthly payment.
A = P(r/12)/(1 -(1 +r/12)^(-12t))
P is the principal, r is the annual rate, and t is the number of years.
The monthly payment is ...
A = $147,192(0.041/12)/(1 -(1 +0.041/12)^-360) ≈ $711.23
Jeff's monthly payment is $711.23.
