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2 years ago

Jason Aldeen bought a house for $275,000. He made a down payment of 15%. The interest rate is 4.2% for 15 years.

Mathematics

1 answer:

Tpy6a [65]2 years ago

3 0

Answer:

Step-by-step explanation:

Jason's down payment= $41250

Amount he needs to borrow is

275000-41250 = $233750

Jason's monthly payment would be

248476.25/180 = $1380.42

The original cost of the house that Jason Aldeen bought is $275,000. He made a down payment of 15%. This means he paid 15% of the original cost of the house. Therefore,

Jason's down payment is 15% of $275000

= 15/100 × 275000 =0.15×275000

=$41250

Since Jason's down payment is smaller than the original cost of the house, he would need to borrow.

Amount he needs to borrow is

275000-41250 = $233750

If Jason borrows $233750 at a rate of 4.2% for 15 years

Total interest on $233750 for 15 years will be

= (233750×4.2×15) /100

= 14726250/100 = $14726.25

Total amount to be paid for 15 years will be amount borrowed + interest

=233750 + 14726.25 = $248476.25

Converting 15 years to months,

15 × 12 months = 180 months.

Jason's monthly payment would be

248476.25/180 = $1380.42

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If you borrowed $200, then your monthly payment is 2*2.44 = 4.88

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We can set up a proportion

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2.44*13300 = 100*x

100x = 2.44*13300

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x = 32452/100

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So the monthly payment is $324.52

An alternative way to get this monthly payment is to apply 2.44% to 13300, which is another way to view the phrase "monthly payment per $100 is 2.44"

------------------

There are 48 months in 4 years (start with 12 mon = 1 yr, then multiply both sides by 4) so we multiply 48 by the monthly payment to get the result 48*324.52 = 15,576.96. This is the total amount you have to pay back which is the principal plus interest.

Subtract off the principal (amount borrowed) to find the interest or finance charge: 15,576.96 - 13,300 = 2,276.96

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Read 2 more answers

Repeated student samples. Of all freshman at a large college, 16% made the dean’s list in the current year. As part of a class p

Dima020 [189]

Answer:

a) p-hat (sampling distribution of sample proportions)

b) Symmetric

c) σ=0.058

d) Standard error

e) If we increase the sample size from 40 to 90 students, the standard error becomes two thirds of the previous standard error (se=0.667).

Step-by-step explanation:

a) This distribution is called the <em>sampling distribution of sample proportions</em> <em>(p-hat)</em>.

b) The shape of this distribution is expected to somewhat normal, symmetrical and centered around 16%.

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d) The formal name is Standard error.

e) If we divided the variability of the distribution with sample size n=90 to the variability of the distribution with sample size n=40, we have:

$\frac{\sigma_{90}}{\sigma_{40}}=\frac{\sqrt{p(1-p)/n_{90}} }{\sqrt{p(1-p)/n_{40}}}}= \sqrt{\frac{1/n_{90}}{1/n_{40}}}=\sqrt{\frac{1/90}{1/40}}=\sqrt{0.444}= 0.667$

If we increase the sample size from 40 to 90 students, the standard error becomes two thirds of the previous standard error (se=0.667).

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