What is 12.8 rounded to the nearest hundred

Clark and Lana take a 30-year home mortgage of $128,000 at 7.8%, compounded monthly. They make their regular monthly payments fo

svp [43]

Answer:

Step-by-step explanation:

From the given information:

The present value of the house = 128000

interest rate compounded monthly r = 7.8% = 0.078

number of months in a year n= 12

duration of time t = 30 years

To find their regular monthly payment, we have:

$PV = P \begin {bmatrix} \dfrac{1 - (1 + \dfrac{r}{n})^{-nt}}{\dfrac{r}{n}} \end {bmatrix}$

$128000 = P \begin {bmatrix} \dfrac{1 - (1 + \dfrac{0.078}{12})^{- 12*30}}{\dfrac{0.078}{12}} \end {bmatrix}$

128000 = 138.914 P

P = 128000/138.914

P = $921.433

∴ Their regular monthly payment P = $921.433

To find the unpaid balance when they begin paying the $1400.

when they begin the payment ,

t = 30 year - 5years

t= 25 years

$PV= 921.433 \begin {bmatrix} \dfrac{1 - (1 - \dfrac{0.078}{12})^{25*30}}{\dfrac{0.078}{12}} \end {bmatrix}$

PV = $121718.2714

C) In order to estimate how many payments of $1400 it will take to pay off the loan, we have:

$121718.2714 = \begin {bmatrix} \dfrac{1300 (1 - \dfrac{12.078}{12}))^{-nt}}{\dfrac{0.078}{12}} \end {bmatrix}$

$121718.2714 = 200000 \begin {bmatrix} (1 - \dfrac{12.078}{12}))^{-nt} \end {bmatrix}$

$\dfrac{121718.2714}{200000 } = \begin {bmatrix} (1 - \dfrac{12.078}{12}))^{-nt} \end {bmatrix}$

$0.60859 = \begin {bmatrix} (1 - \dfrac{12}{12.078}))^{nt} \end {bmatrix}$

$0.60859 = (0.006458)^{nt}$

$nt = \dfrac{0.60859}{0.006458}$

nt = 94.238 payments is required to pay off the loan.

How much interest will they save by paying the loan using the number of payments from part (c)?

The total amount of interest payed on $921.433 = 921.433 × 30(12) years

= 331715.88

The total amount paid using 921.433 and 1300 = (921.433 × 60 )+( 1300 + 94.238)

= 177795.38

The amount of interest saved = 331715.88 - 177795.38

The amount of interest saved = $153920.5

6 0

3 years ago

I need help finding the slope

MAVERICK [17]

Answer:

slope = 1/4

Step-by-step explanation:

To find the slope, I chose two points where the line intersected the graph at an exact point.

Points:

(0, -8)

(4, -7)

Slope is the measure of rise over run, so starting at (0, -8) I went up one and to the right 4 times.

To put this as a fraction, we would have: 1/4

The numerator and denominator are positive because we went up and to the right.

Therefore, the slope is 1/4.

4 0

3 years ago

4. If you invested $10,000 at 3.8% compounded hourly for five years, what would be your

Virty [35]

Step-by-step explanation:

The final balance is $12,088.87.

The total compound interest is $2,088.87.

4 0

3 years ago

Someone help pleaseee

gregori [183]

Answer:

the answer is 1/2 which loos like "D"

Step-by-step explanation:

the top ends up being x ^-8 and the denominator is x^-7

which is x^&/x^8 = 1/x = 1/2

4 0

3 years ago

What is the scale factor of a pair of figures whose preimage has coordinates (-1, 1) (3,0) and (1, -4) and whose image has coord

ludmilkaskok [199]

Answer:

0.5

Step-by-step explanation:

6 0

3 years ago