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Papessa [141]
3 years ago
10

Susan Carver will purchase a home for ​$190000. She will use a down payment of ​18% and finance the remaining portion at ​4.2%,

compounded monthly for 30 years
Mathematics
1 answer:
max2010maxim [7]3 years ago
7 0

Answer:

$548053.69

Step-by-step explanation:

Cost of home = $190000

Down payment = 18%

Loan amount = (1 - 0.18) * 190000 = $155800

Rate, r = 4.2% = 0.042 ; compounded monthly for 30 years

Using the relation :

A = P(1 + r/n)^nt

n = number of compounding times per period = 12

A = 155800(1 + 0.042/12)^(12 * 30)

A = 155800(1.0035)^360

A = 155800 * 3.5176745

A = 548053.69

Final loan amount = $548053.69

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a geometric sequence is a bunch of numbers where you can get from a number to the next number by multiplying the previous number by a certain number

might be confusing so here's an example

1,2,4,8,16

each term is multiplied by 2 to get next term, that number that each term is multiplied by is called the common ratio

formula for geometric sequence is

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where a_n is nth term

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n=which term


in our example

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each term is being multiplied by 3 so it is a geometric sequence and thus r=3

also first term is 1 so a_1=1

so the formula is a_n=1(3)^{n-1} or in function notation f(n)=1(3)^{n-1}

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Step-by-step explanation:

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3 years ago
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Artemon [7]

Answer:

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Step-by-step explanation:

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