Answer:
Option B
Step-by-step explanation:
Refer to the Attachment for steps.
Answer:
15
Step-by-step explanation:
(3/5)*25=15
Answer:
30
Step-by-step explanation:
60/40=3/2
105/40+x = 3/2
105/70=3/2
x=70-40 = 30
9514 1404 393
Answer:
a. $3,455.20
Step-by-step explanation:
The monthly payment is given by the amortization formula:
A = P(r/12)/(1 -(1 +r/12)^(-12t))
for loan amount P at annual rate r for t years.
For this mortgage, we use P = $530,000, r = 0.068, t = 30.
A = $530,000(0.068/12)/(1 -(1 +0.068/12)^(-360)) ≈ $3,455.20
The monthly payment is $3,455.20.
_____
<em>Additional comment</em>
In 7 years, the balloon payment will be $481,559.91.