Answer: The total interest paid on the mortgage is $179550
Step-by-step explanation:
The initial cost of the property is $300000. If he deposits $30000, the remaining amount would be
300000 - 30000 = $270000
Since the remaining amount was compounded, we would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 270000
r = 2% = 2/100 = 0.02
n = 12 because it was compounded 12 times in a year.
t = 25 years
Therefore,
A = 270000(1+0.02/12)^12 × 25
A = 270000(1+0.0017)^300
A = 270000(1.0017)^300
A = $449550
The total interest paid on the mortgage is
449550 - 270000 = $179550
let the price of pizza and soda( per 2 litre bottle) be x and y
from 1st condition
12x+2y=137.6.....(1)
from 2nd condition
x+y =11.95.......(2)
multiply eq. (2) by 2
2x+2y=23.9.....(3)
subtracting (1) and (3)
12x+2y=137.6
2x+2y= 23.9
10x = 113.7
x=113.7/10
x=11.37
2(11.37)+2y=23.9
22.74+2y=23.9
2y=23.9-22.7
2y=1.2
y=0.6
So the prices of the pizza and soda are 11.37 and 0.6 dollars.
In the given question, there are several data of immense importance. based on these data's the answer to the question can be easily deduced. it is already given that the total utility bill for the month of April in Millers house is $132 and 42% of the bill was paid for gas. remaining amount is paid as electricity charges.
Now
Amount of money paid for gas = 132 * (42/100) dollars
= 5544/100 dollars
= 55.44 dollars
Then
The amount of money paid for electricity = (132 - 55.44) dollars
= 76.56 dollars
So the Millers paid 55.44 dollars for gas and 76.56 dollars for electricity in the month of April.
