RJ has two loans. Loan H has a nominal rate of 5.68%, compounded daily. Loan I has a nominal rate of 6.33%, compounded monthly.
1 answer:
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Answer:
<u>x = 8</u>
Step-by-step explanation:
The sides are in proportion.
- 40 / 7x + 14 = 44 / 33 + 44
- 40 / 7x + 14 = 44/77 = 4/7
- 40(7) = 4(7x + 14)
- 280 = 28x + 56
- 10 = x + 2
- <u>x = 8</u>
The monthly payment on the mortgage is option C) $2537.44
<u>Step-by-step explanation</u>:
- Principal (P): $ 295,000
- Rate (r): 6.3% = 0.063
- Number of times compounded (n): 12months
15 years = 180
- Number of years = 15
The formula is A = P(1 + r/n)^nt
⇒ A = 295000(1+0.063/180)^(18015)
⇒ A = 295000(180.063/180)^2700
⇒ A = 295000 (1.00035)^2700
⇒ A = 758854.5
Interest = Amount - Principle
⇒ 758854.5 - 295000
⇒ Interest = 463854.5
∴ The monthly payment for 15 years = 463854.5 / (1512)
The monthly payment on the mortgage = 2576.9 (approximately option C)