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Thepotemich [5.8K]
2 years ago
8

A house is being purchased at the price of $138,000.00. The 30-year mortgage has a 10% down payment at an interest rate of 4.875

% and a PMI payment of $25.88 each month for 77 months. The yearly taxes are $2400.00 and the insurance is $750.00 per year, which is to be placed into an escrow account. What is the total cost of the loan? Round your answer to the nearest one hundred dollars. Enter a number, such as $123,500.00.
Mathematics
1 answer:
Mama L [17]2 years ago
3 0

Answer:

  $238,600

Step-by-step explanation:

The amount being borrowed is 100% -10% = 90% of the purchase price, or ...

  0.90 × $138,000 = $124,200.

Then the monthly payment can be computed using the amortization formula:

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

  A = 124200(.04875/12)/(1 -(1 +.04875/12)^(-12·30)) ≈ 657.28

and the total repaid is ...

  (360 months) × ($657.28/month) = $236,619.58*

The cost of mortgage insurance is considered part of the cost of the loan. That amount is ...

  (77 months) × ($25.88/month) = $1992.76

so the total amount paid for the loan is ...

  $236,619.58 +1992.76 = $238,612.34

The cost of the loan is about $238,600.

_____

* In figuring the total repayment cost, we used the full-precision value for the loan payment. The actual repayment amount will depend on the rounded value of the loan payment and the way the final payment is made. When rounded to the nearest $100, these details become unimportant.

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➷ final = original x multiplier

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2 years ago
15. Snazzy Sneakers has a shoe sale. Anthony buys 4 pairs of shoes. How can you represent this? Choose all that apply.
olga55 [171]

Answer:

8

Step-by-step explanation:

I dont really get the question so i thought it was 15 - 7??

6 0
2 years ago
Suppose the average price for new cars in 2012 has a mean of $30,100 and a standard deviation of $5,600. Based on this informati
KatRina [158]

Answer:

($13,300,$46,900)

Step-by-step explanation:

We are given the following in he question:

Mean, μ = $30,100

Standard Deviation, σ = $5,600

Chebyshev's Theorem:

  • According to  theorem atleast 1 - \dfrac{1}{k^2}  percent of data lies within 2 standard deviations of mean.
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1 -\dfrac{1}{(3)^2} = 0.889 \approx 89\%

Thus, 89% of data lies within three standard deviation of mean.

\mu - 3(\sigma) = 30100 - 3(5600) = 13300\\\mu + 3(\sigma) = 30100 + 3(5600) = 46900

Thus, we expect at least 89% of new car prices to fall within ($13,300,$46,900)

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Prove that a line that divides two sides of a triangle proportionally is parallel to the third side. Be sure to create and name
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Answer:

Given: A triangle ABC and a line DE parallel to BC.

To prove: A line parallel to one side of a triangle divides the other two sides proportionally.

Proof: Consider ΔABC and DE be the line parallel to Bc, then from ΔABC and ΔADE, we have

∠A=∠A (Common)

∠ADE=∠ABC (Corresponding angles)

Thus, by AA similarity, ΔABC is similar to ΔADE, therefore

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⇒1+DB/AD = 1+ EC/AE

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3 0
2 years ago
1. Darnell reads at a constant rate
JulsSmile [24]

Answer:

Darnell can read 1,715 words in 7 minutes

Step by step Explanation:

1. I need to find out how many words he reads in 1 minute. Divide 735 by 3, my answer is 245

245

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3)735

6 bring down the 3 to make 13

-_____

1 3

12 bring down the 5 to make 15

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1 5

15

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0

2. multiply 735 by 2 cause he reads 735 words in 3 minutes and we are tryna find out how many words he reads in 7 minutes. 3×2=6, so 735+735 (735×2) equals 1470

3. Add 245, for that extra minute that we missed. my answer is 1,715 words in 7 minutes

8 0
2 years ago
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