math10030
23.01.2021 •
Mathematics
How many zero pairs can be created in the model below?
a.0
b.1
c.2
d.3
Solved
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Ответ:
a) The mortgage amount he will borrow $ 157675
b) Monthly mortgage payment = $854.125
Step-by-step explanation:
a) What is the mortgage amount he will borrow?
Since Victor has made 15 % down payment so the amount left will be the amount he has to borrow
Down payment = 15 % of $185,500
= (15 / 100) * 185500
= $ 27285
Amount left to be paid = $185,500 - $ 27285
= $ 157675
So, the mortgage amount he will borrow = Amount left to be paid =
$ 157675
b) What will his monthly mortgage payment be?
He is financing with 25-year loan at 4.25% interest
No of thousands in $ 157675 = 157675 / 1000
= 157.675
(because in table we have given monthly mortgage payment per $1000 borrowed)
From the table monthly mortgage payment per $1000 borrowed for 4.25 % interest rate and 25 year plan is 5.417
Monthly payment for $157675 = 157.675 * 5.417
= $854.125