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Bond [772]
2 years ago
9

You have found a home that you are interested in purchasing. Instead of a conventional loan, you agree to pay the premium for th

e private mortgage insurance (PMI), which finances 95% of the loan. The amount of the home is listed at $95,278. From the given information, determine the amount needed for the down payment to qualify for the PMI loan.
Mathematics
1 answer:
Elena-2011 [213]2 years ago
5 0
Hi there
Down payment is 5% of the amount listed
100-95=5%
So the amount of down payment is
95,278×0.05=4,763.9

Hope it helps
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How many liters of wine can be held in a wine barrel whose capacity is 28.0 gal? 1 gal = 4 qt = 3.7854 l?
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Answer:

105.9912 liters of wine can be held in a wine barrel whose capacity is 28.0 gal.

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Ill give a tip
e-lub [12.9K]
Divide the APR by 360 days and multiply it by 30 days to get the monthly interest. Each loan is usually secured by the car you bought. So we will use the secured APR.

8. Average rating secured apr: 5.85% divide by 360 multiply by 30:  0.4875% monthly rate
Cost of car: 19,725 ; sales tax: 4.75% ; down payment: 2,175

19,725 x 1.0475 =  20,661.94 - 2,175 = 18,486.94 loan amount
18,486.94 x 0.4875% = 90.12 accrued interest for the 1st month.

9. Excellent rating secured apr: 4.80% divide by 360 multiply by 30: 0.40% monthly rate
Cost of car: 15,867 ; sales tax: 5.25% ; down payment: 10% of total cost

15,867 x 1.0525 =  16,700.02 x 90% = 15,030.02 the principal balance at the start of the loan.

10. Fair rating secured apr: 7% divide by 360 multiply by 30: 0.5833% monthly rate
Cost of new car: 19,072 ; sales tax: 4.5% ; down payment: 1,200
Cost of used car: 15,365; sales tax: 4.5% ; down payment: 1,200

19,072 x 1.045 = 19,930.24 - 1,200 = 18,730.24
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109.25 - 86.66 = 22.59 is the difference in interest accrued by the end of the first month.
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