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ozzi
2 years ago
8

. A condo in Orange Beach, Alabama, listed for $1.4 million with 20% down and financing at 5% for 30 years. What is the monthly

payment?
Mathematics
1 answer:
vovikov84 [41]2 years ago
8 0
Listed price = $1.4 million
Down payment = 20% of $1.4 million = 0.2 x 1,400,000 = 280,000
Amount left to pay = $1.4 million - 280,000 = $1,120,000
Present value of an annuity is given by PV = P(1 - (1 + r/t)^-nt) / r
where: PV = $1,120,000
r = 5% = 0.05
t = 12
n = 30 years.
1,120,000 = P(1 - (1 + 0.05/12)^-(12 x 30)) / 0.05
1,120,000 x 0.05 = P(1 - (1 + 1/240)^-360)
56,000 = P(1 - 0.2238)
P = 56,000 / 0.7761 = 72,148.83
Therefore, the monthly payment is $72,148.83
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2 years ago
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Answer:

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c.

\frac{(351.10-x)}{893.59}\times 100\%

Step-by-step explanation:

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#To get the  percent of the flooring bill that will go towards the cost of labor:

\%  labor\ cost=\frac{labor \ cost}{Total \ flooring \ cost}\times 100\%\\\\=\frac{212.52}{427.35+212.52+75}\times 100\%\\\\=\frac{212.52}{714.87}\times 100\%\\\\=29.73\%\approx30\%

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b.The total flooring costs is :

F_c=212.52+427.35+75\\\\=714.87

Given that she spends 25% more on furniture than on flooring, we multiply the flooring cost by 125% to get the furniture costs:

Furniture \ Cost= Flooring \ C\ost \times 125%\\\\=714.87\times 1.25\\\\=893.59

Hence, she spends $893.59 on furniture.

c.To get what percentage of  furniture cost was the night stand.

-Given the total furniture cost is $893.59:

Let x be the cost of the dresser and y the cost of the nightstand;

x+y=Furniture\  cost -Bed \ cost\\\\x+y=893.59-558.49=351.1\\\\y=351.1-x

The percentage is then calculated as:

\% cost \ of \ nightstand=\frac{cost \ of \ nighstand}{Furniture \ Cost}\times 100\%\\\\=\frac{351.10-x}{893.59}\times 100\%\\\\=\frac{(351.10-x)}{893.59}\times 100\%

Hnece the percentage cost of the night stand is \frac{(351.10-x)}{893.59}\times 100\%

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... (x, y) = (8, -22)

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