Imagine that you would like to purchase a $275,000 home. Using 20% as
a down payment (or $55,000), determine the monthly mortgage payment
for your dream home using the loan terms below. Hint: Read the Loan
Calculator tip at right for a tool that will help you make the calculations.
A. 15-year mortgage term with a 3% interest rate
Total Amount Paid Over Loan Term
Minimum Monthly Payment:
B. 20-year mortgage term with a 6% interest rate
Total Amount Paid Over Loan Term:
Minimum Monthly Payment:
C. 30-year mortgage term with a 5% interest rate
Total Amount Paid Over Loan Term:
Minimum Monthly Payment:
Which mortgage would you choose and why?
Answer:
The mortgage chosen is option A;
15-year mortgage term with a 3% interest rate because it has the lowest total amount paid over the loan term of $270,470
Step-by-step explanation:
The details of the home purchase are;
The price of the home = $275,000
The mode of purchase of the home = Mortgage
The percentage of the loan amount payed as down payment = 20%
The amount used as down payment for the loan = $55,000
The principal of the mortgage borrowed, P = The price of the house - The down payment
∴ P = $275,000 - 20/100 × $275,000 = $275,000 - $55,000 = $220,000
The principal of the mortgage, P = $220,000
The formula for the total amount paid which is the cost of the loan is given as follows;
[tex]Outstanding \ Loan \ Balance = \dfrac{P \cdot \left[\left(1+\dfrac{r}{12} \right)^n - \left(1+\dfrac{r}{12} \right)^m \right] }{1 - \left(1+\dfrac{r}{12} \right)^n }[/tex]
The formula for monthly payment on a mortgage, 'M', is given as follows;
[tex]M = \dfrac{P \cdot \left(\dfrac{r}{12} \right) \cdot \left(1+\dfrac{r}{12} \right)^n }{\left(1+\dfrac{r}{12} \right)^n - 1}[/tex]
A. When the mortgage term, t = 15-years,
The interest rate, r = 3%
The number of months over which the loan is payed, n = 12·t
∴ n = 12 months/year × 15 years = 180 months
n = 180 months
The monthly payment, 'M', is given as follows;
M =
The total amount paid over the loan term = Cost of the mortgage
Therefore, we have;
220,000*0.05/12*((1 + 0.05/12)^360/( (1 + 0.05/12)^(360) - 1)
[tex]M = \dfrac{220,000 \cdot \left(\dfrac{0.03}{12} \right) \cdot \left(1+\dfrac{0.03}{12} \right)^{180} }{\left(1+\dfrac{0.03}{12} \right)^{180} - 1} \approx 1,519.28[/tex]
The minimum monthly payment for the loan, M ≈ $1,519.28
The total amount paid over loan term, A = n × M
∴ A ≈ 180 × $1,519.28 = $273,470
The total amount paid over loan term, A ≈ $270,470
B. When t = 20 year and r = 6%, we have;
n = 12 × 20 = 240
[tex]\therefore M = \dfrac{220,000 \cdot \left(\dfrac{0.06}{12} \right) \cdot \left(1+\dfrac{0.06}{12} \right)^{240} }{\left(1+\dfrac{0.06}{12} \right)^{240} - 1} \approx 1,576.15[/tex]
The total amount paid over loan term, A = 240 × $1,576.15 ≈ $378.276
The monthly payment, M = $1,576.15
C. When t = 30 year and r = 5%, we have;
n = 12 × 30 = 360
[tex]\therefore M = \dfrac{220,000 \cdot \left(\dfrac{0.05}{12} \right) \cdot \left(1+\dfrac{0.05}{12} \right)^{360} }{\left(1+\dfrac{0.05}{12} \right)^{360} - 1} \approx 1,181.01[/tex]
The total amount paid over loan term, A = 360 × $1,181.01 ≈ $425,163
The monthly payment, M ≈ $1,181.01
The mortgage to be chosen is the mortgage with the least total amount paid over the loan term so as to reduce the liability
Therefore;
The mortgage chosen is option A which is a 15-year mortgage term with a 3% interest rate;
The total amount paid over the loan term = $270,470
If your input is 7 what is your output?
Answer:
the answer would be 32 then. you start with 7 then add 1 then Multiple by 4 which equals 32
got ukmt jmc tommorrow? Any tips/help
Answer:
be brave and stay wild
Step-by-step explanation:
tips
The field was 5⁄6 of an acre and 1⁄3 of the field was planted in strawberries. How many acres are planted in strawberries?
Answer:
7/6 or 1 1/6
Step-by-step explanation:
Here's how you add them!
5 /6 + 2/6
Step 1
Since our denominators match, we can add the numerators.
5 + 2 = 7
Answer:
7 /6
Step 2
Now, do we need to simplify this fraction?
First, we attempt to divide it by 2...
Nope. Try the next prime number, 3...
Nope. Try the next prime number, 5...
Nope. Try the next prime number, 7...
No good. 7 is larger than 6. So we're done reducing.
Congratulations! Here's your final answer to 5/6 + 2/6
Answer:
[tex]\frac{5}{18}[/tex]
Step-by-step explanation:
To calculate the amount of acres planted in strawberries, all you need to do is simple multiplication.
[tex]\frac{5}{6}[/tex] × [tex]\frac{1}{3}[/tex]
multiply the numerators by each other
[tex]5[/tex] × [tex]1[/tex] [tex]= 5[/tex]
the numerator of the new fraction is 5
multiply the denominators by each other
[tex]6[/tex] × [tex]3=18[/tex]
the new denominator is 18
the new fraction is [tex]\frac{5}{18}[/tex]
For the data set 1,7,7,7,8, the mean is 6. what is the mean absolute deviation?
Answer:
The answer is 2
Step-by-step explanation:
First you need to calculate how far away each data point is from the mean using positive distances. These are called absolute deviations. All of the points add up to 10. Then you divide that number by how many points there are which is 5 and you get 2.
Hope that helps. =)
Answer:
the answer is 2
Step-by-step explanation:
hoped I helped
What is the surface area of the cone in terms of π. Enter your answer in the box. and the radius is 8cm and the height is 15
Answer:
it should be 628.32 I'm not sure if I'm correct
Equation C: y = 6x + 9 Equation D: y = 6x + 2 How many solutions are there to the given set of equations?
Answer:
No solution
Step-by-step explanation:
Equation C :
y = 6x + 9
Equation D :
y = 6x + 2
By comparing both the equations with slope-intercept form of the equation,
y = mx + b
Where, m = Slope of the line
And b = y-intercept
Slopes of both the lines C and D are common as 6,
Therefore, both the lines will be parallel.
And the set of parallel lines has no solution.
Therefore, given set of equations have no solution.
Calculate the amount of money you will have in the bank after 5 years if you deposit 25.000 into a savings account that pays 3.0% interest com pounded continuously
Answer:
29045.86.
Step-by-step explanation:
Total = 25000e^(5*0.03) = 29045.86
Please help links=report and if correct I’ll mark you brainiest
Answer:
A is the correct answer.
Hope this helps [tex]\mathtt{: )}[/tex]
HELPP ME PLSSSSSSS I NEED IT NOW PLSSS. How could you calculate the x-coordinate of the midpoint of a horizontal
segment with endpoints at (0,0) and (20,0)?
Answer:
The correct answer is B: Count by hand and D: Divide 20 by 2
Step-by-step explanation:
I just got it correct.
y
3
2
1
-4
-3 -2
-1
1
2
2
3
4
-1+
-2+
-3+
-4
What is the slope of the line?
Answer:
1/2
Step-by-step explanation:
y = mx + b is slope intercept form.
b = y intercept. where the line first passes through on the y axis
that number is 3.
y = mx + 3.
to find M (slope) you have to do RISE / RUN.
Run is going left or right from a point
Rise is going up or down from a point.
To make sure you find the slope, when you Rise and Run, it has to hit another point on the graph.
From the y - intercept 3, RISE (go up) 1 and RUN (go left) 2.
So, the slope is 1/2.
Simplify 5c(2/5d-4)-3(c+2)+d(c+5)
Hey there!
-3(c+2)+d(c+5)
All you have to do is DISTRIBUTE
-3(c) + (-3)(2) + d(c) + d(5)
-3c - 6 + cd + 5d
SOLVE ABOVE and you have your ANSWER
Answer: cd - 3c + 5d - 6
Good luck on your assignment and enjoy your day!
~Amphitrite1040:)
PLEASE HELP GEOMETRY PLEASE! SHOW WORK!!
Answer:
area = 24 cm²
Step-by-step explanation:
area = 1/2 x 6 x 8 = 24 cm²
can someone help me with this question
You randomly draw a marble from a bag of marbles that contains 7 blue marbles, 2 green marbles, and I red
marble
NO LINKS!!
Also I need part b on this one
Answer:
there is nothing here but thanks for the points
Step-by-step explanation:
Have a great rest of your day/night!
HELP I NEED HELP ASAP
HELP I NEED HELP ASAP HELP I NEED HELP ASAP
HELP I NEED HELP ASAP HELP I NEED HELP ASAP
HELP I NEED HELP ASAP
The number of sandwiches sold by four stores during one week is shown in the graphs. Which store has the MOST skewed data?
Help please thank you:) QUICKLY!!!!!!!!!
Answer:
y = -8
Step-by-step explanation:
2x2 - 12
4 - 12 = -8
hope this helps
At an auto repair shop. 3.5 hours of labour costs $311.50. What is the labour
charge for a 5 hour job?
445 . Answer:
Step-by-step explanation:
please help
will mark brainlist
Answer:
(-2, 4)
Step-by-step explanation:
Reflection over the x-axis would mean the point would flip upwards, this would affect the y coordinate.
In AGHI, the measure of ZI=90°, the measure of ZG=5°, and IG = 57 feet. Find the
length of GH to the nearest tenth of a foot.
Answer:
The answer is 57.2
This is correct
Katherine's paycheck was $436.14. She put 1/3 of her paycheck into a savings acount and used 1/2 for what was left to pay for her new phone,
How much money does she have remaining from her paycheck?
Answer:
$145.38
Step-by-step explanation:
436.14-(1/3)(436.14)-(1/2)(436.14) = 145.38
The amount of money that Katherine left after considering all fractions will be $145.38.
What is a fraction?In such a fraction, the value that appears above the horizontal line is referred to as the numerator.
The denominator of a fraction is the numerical value that comes before the brings together various.
It represents the number of pieces removed from the whole.
As per the given,
Initial amount = $436.14
1/3 of it is = (1/3)436.14 = $145.38
Since, she saved into a saving account so she left with,
$436.14 - $145.38 = $290.76
Now,1/2 of it will be,
(1/2)290.76 = $145.38.
Hence "The amount of money that Katherine left after considering all fractions will be $145.38".
For more about fractions,
https://brainly.com/question/10354322
#SPJ2
How should I come out to my parents as lesbian? I'm low-key scared they won't support me, any techniques on how to get over that? :')
honestly just try to breathe, and when you tell them sit down with them and tell them straight up.
two passenger train traveling in opposite directions meet and pass each other. Each train is 1/18 miles long and is traveling at 40 miles per hr. How many seconds after the front parts of the trains will meet their rear parts pass each other.
9514 1404 393
Answer:
5 seconds
Step-by-step explanation:
Suppose the front parts of the trains meet at point A. Since both are the same length and traveling the same speed, each will pass point A in time ...
time = distance/speed
time = (1/18 mi)/(40 mi/h) = (1/720 h) × (3600 s)/(1 h) = 5 s
That is, the rear part of each train will be at point A 5 seconds after the front part.
The rear parts will pass each other 5 seconds after the front parts meet.
pls help with this its for math pls help
Answer:
first option
Step-by-step explanation:
divide each side by 'wh' to get:
l = V/wh
what is the interquartile range numbers 777,498,619,379,895,1256,1052
Answer:
554
Step-by-step explanation:
554 trust meh dude
Answer:
554
Step-by-step explanation:
What is the angle of rotation counterclockwise about the spinner’s center that maps label h to label A? 252° 324° 144° 216°
Answer:
its 324
Step-by-step explanation:
Someone plz answer this plz
4x+1=6x-29
vvvvvvvvvv
-2x=-30
x=-15
4 x -15= -60
angle 3 =59 degrees
angle 6= 119 degrees
Please write eight facts about: The Flow of Energy in a Food Chain.
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Answer:
Always linear...
Decreases with successive trophic level
Answer:
Food chains are very important for the survival of most species. When only one element is removed from the food chain it can result in extinction of a species in some cases.An example of a simple food chain would be: A plant grows using the sun's energy and nutrients from the soil. A rabbit eats the plant. A fox eats the rabbit. The fox dies and decomposes into organisms that feed the soil.A producer, which is able to produce its own food, is also called an autotroph. Every species in the ecosystem relies on producers for their existence.A producer is able to covert inorganic compounds into organic compounds. Without this process life could not exist.A producer can use either solar energy or chemical energy to convert organisms into usable compounds.Because the sun is necessary for photosynthesis, life could not exist if the sun disappeared.Consumers can be carnivores (meat eater only), herbivore (plant eater only), omnivore (eats animals and plants), and a scavenger (eats dead animals).Examples of omnivores (plant and animal eaters) are bears (which eat fish, insects, honey, moose, and grass), turtles (which eat crayfish, earthworms, lettuce, and algae), squirrels (which eat seeds, fruit, eggs, and insects), and monkeys (which eat fruit, leaves, and frogs).Examples of carnivores (animal eaters) include hawks, snakes, foxes, and spiders.Examples of herbivores (plant eaters) include rabbits, moose, cows, groundhogs, and grasshoppers.Decomposers, which feed on dead animals, break down the organic compounds into simple nutrients that are returned to the soil. These are the simple nutrients that plants require to create organic compounds.It is estimated that there are more than 100,000 different decomposers in existence.Al-Jahiz was a 9th century scientist who is responsible for introducing the concept of food chains.The food web, which is a concept that expands on the food chain, was introduced in 1927 by Charles Elton.Food chains can be short, or they can be long, depending on how many consumers can be eaten before one dies and begins to decompose.If a food chain were to continue too long, the energy would become less and less and it would not be very valuable to the animal at the end.Step-by-step explanation:
The company charges $45 a day for the car
as well as charging a one-time $25 fee for
the car’s navigation system (GPS). Write an
equation for the cost in dollars, C, as a
function of the number of days, d, the car
was rented.
Answer:
I personally find it easier to put my equation in words before actually writing the equation, so for this particular situation, the equation would sound like this :
→ The cost (C) is equal to 45$ a day (d) plus 25$!
Now that your equation is put into words, all that you have to do is write down the equation without the words :
→ C = (45d) + 25
If you want to make sure that your equation is correct, you can try it out, say for instance you want to rent a car for a week, so for a total of 7 days, and you want to see how much it would cost :
d = 7 (in this particular situation)
C = (45 × 7) +25
↓
C = 315 + 25
↓
C = 340
→ So it would cost 340$ to rent a car for a week!
credit goes to naomi479xx for solving this answer.
