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Answer:
x = 8.48074
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Number 3 because it holds the smallest decimal!
Based on the purchase price of Lisa's home, the mortgage period, and the interest rate on the loan, Lisa's monthly payment is D)$957.72.
<h3>What is Lisa's monthly payment?</h3>
First find the loan amount:
= 75% x purchase price
= 0.75 x 185,500
= $139,125
Convert rate and period to monthly figures:
= 15 x 12 = 2.990 / 12
= 180 months = 0.24917%
Monthly rate is an annuity while the loan amount is the present value of an annuity:
Present value of annuity = Annuity x ( 1 - (1 + rate) ^ -number of periods) / rate
139,125 = A x ( 1 - (1 + 0.24917%) ⁻¹⁸⁰) / 0.24917%
A = 139,125 ÷ ( ( 1 - (1 + 0.24917%) ⁻¹⁸⁰) / 0.24917%)
A= $957.72
Find out more on monthly mortgage payments at brainly.com/question/22846480.
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Answer:
No
Step-by-step explanation:
24 over 40
24/40 = 3/5
divide both numbers by 8 to find the proportion
3/5 does not equal 4/5
