Mathematics: Afriend bought a house 15 years ago, taking out a $120,000 mortgage at 6% for 30 years. how much does she still owe on the mortgage? you can afford a $700 per month mortgage payment. you’ve found a 30 year loan at 5% interest. a. how big of a loan can you afford? b. how much total money will you pay the loan company? c. how much of that money is interest? marie can afford a $250 per month car payment. she’s found a 5 year loan at 7% interest. a. how expensive of a car can she afford? b. how much

Afriend bought a house 15 years ago, taking out

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nadarius2017

14.03.2022

1) First you need to find the monthly payment.
$m = P\frac{i(1+i)^{360}}{(1+i)^{360} - 1}, P = 120,000, i = 0.005 \\ \\ m = 719.46$

Next, you need a function for balance remaining at time 't'.
$B(t) = (P-\frac{m}{i})(1+i)^t +\frac{m}{i} \\ \\ B(180) = 85,258.8$

So after 15 years, she still owes 85,258.80 on the mortgage.

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brysong

12.03.2021

Mathematics

Septim: What is blue on the belly, coated with jelly, happens to be quite the smelly jelly, but often quite smitten with shelly? BEN: Got it. A cloud.

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