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Delicious77 [7]
3 years ago
9

Sara is trying to decide if she wants to buy a home for $150,000 with a 20 year mortgage and an APR of 4.75% or to rent an apart

ment for $2,100 monthly rent that has an annual increase of 2%. If she goes with the house she will also have to put a 15% down payment.
How much is her 15% down payment?
What would Sara's monthly mortgage payment be after the down payment? ROUND TO THE NEAREST DOLLAR
If she pays that every month for for 3 years how much will she end up in total in mortgage payments? $
How much will she end up paying in total over those 3 years if she buys a home? (down payment + total mortgage payments) $
Create a chart to see Sara's rent for 3 years, how much will she end up paying in 3 years in rent? Round to the nearest dollar$
Which is cheaper in this scenario for 3 years?? (renting or buying a home? )
Mathematics
2 answers:
olganol [36]3 years ago
8 0

Answer:

renting the home

Step-by-step explanation:

through much calculation buying a home is 10% more expensive.

Stels [109]3 years ago
8 0
Stay with me lil b yea u know I’m ur mans
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Ana has won a lottery. She was offered two options to receive the award: She can either take it in five installments of $60,000
AleksandrR [38]

Answer:

Results are below.

Step-by-step explanation:

Giving the following information:

She can either take it in five installments of $60,000 annually, starting from now; or she can take a lump-sum of $255,000 now.

<u>First, we determine the value of the 5 installments using a 5% annual compounded rate.</u>

We calculate the future value, and then the present value:

FV= {A*[(1+i)^n-1]}/i

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FV= {60,000*[(1.05^5) - 1]} / 0.05

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PV= FV/(1+i)^n

PV= $259,768.60

At an annual rate of 5% compounded annually, she should choose the five installments instead of the $255,000.

<u>Now, if the annual rate is 6% continuously compounded.</u>

<u>First, we need to calculate the effective interest rate:</u>

r= e^i - 1

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r= e^0.06 - 1

r= 0.0618

FV= {60,000*[(1.0618^5) - 1]} / 0.0618

FV= 339,443.23

PV= 339,443.23/1.0618^5

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Answer

Explanation

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Answer:

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