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27.11.2020 •
Mathematics
A family wants to purchase a house that costs $145,000. They plan to take out a $115,000 mortgage on the house and put $30,000 as a down payment. The bank informs them that with a 15-year mortgage their monthly payment would be $785.99 and with a 30-year mortgage their monthly payment would be $521.41. Determine the amount they would save on the cost of the house if they selected the 15-year mortgage rather than the 30-year mortgage. How much would they save if they selected the 15-year mortgage?
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Ответ:
A. 15-year mortgage =$141,478.20
30-year mortgage =$187,707.60
B. $46,229.40
Step-by-step explanation:
A. Calculation to Determine the amount they would save on the cost of the house if they selected the 15-year mortgage rather than the 30-year mortgage.
Calculation for 15-year mortgage
Cost amount to save for 15-year mortgage=$785.99*15-year*12 months
Cost amount to save for 15-year mortgage =$141,478.20
Calculation for 30-year mortgage
Cost amount to save for 30-year mortgage =$521.41*30-year*12 months
Cost amount to save for 30-year mortgage =$187,707.60
B. Calculation for How much would they save if they selected the 15-year mortgage
Using this formula
Amount to save=30-year mortgage -15-year mortgage
Let plug in the formula
Amount to save=$187,707.60-$141,478.20
Amount to save=$46,229.40
Therefore How much would they save if they selected the 15-year mortgage will be $46,229.40
Ответ:
The figure is a parallelogram
Step-by-step explanation: