Step-by-step explanation:
1.
1% of 500 is 5 so multiply 5 by 8 for one year. which is 40 so multiply that by 2.
1% of 500 = 5
5 × 8 = 40
40 × 2 = 80
2.
1% of 1000 = 10
10 × 5 = 50
50 × 3 = 150
3.
12 months = 6%
6/12 = 1 month
0.5 = 1 month
0.5 × 9 = 4.5 (the amount of interest for 9 months.)
800 × 4.5% = 36
4.
12 months = 7%
7/12 = 1 month ( i'll leave this in fraction form because of the decimal points.)
7/12 x 8 = 4.666667 or 4.7 rounded.
1200 × 4.7% = 56.40
I believe that the correct answer will be that 1
Answer:
Their monthly payment will be $ 1,303.68.
Step-by-step explanation:
Since Maya's new home had a purchase price of $ 325,500, and Maya and her husband got a 15-year fixed mortgage for 70% of the purchase price, and the interest rate on the loan was 2,990%, to determine what was their monthly payment, the following calculation must be performed:
((325,500 x 0.7) x 1.0299) / (12 x 15) = X
(227,850 x 1.0299) / 180 = X
234,662,715 / 180 = X
1,303.68 = X
Therefore, their monthly payment will be $ 1,303.68.