Kate and ashton have been approved for a $200,000 15-year mortgage with apr of 5.5%. how much is thier first monthly payment will go to interest

Complete Question:

Option 1: $30 an hour plus a non-refundable deposit of $50.

Option 2: $20 an hour plus a non-refundable deposit of $75.

Kyle is renting a jetski for the day. If he can rent the jetski in 1-hour increments, what is the minimum number of hours must he rent the jetski for option 2 to be a better deal than option 1?

Kyle must rent the jetski for three hours for option 2 to be a better deal than option 1

Solution:

Let "x" be the number of hours

Therefore,

Charge for option 1: 50 + 30x

For 1 hour,

Charge = 50 + 30(1) = 80

For 2 hours,

Charge = 30(2) + 50 = 110

For 3 hours,

Charge = 30(3) + 50 = 140

For 4 hours,

Charge =  30(4) + 50 = 160

Charge for option 2 : 75 + 20x

For 1 hour,

Charge = 20(1) + 75 = 95

For 2 hours ,

Charge = 20(2) + 75 = 115

For 3 hours,

Charge =  20(3) + 75 = 135

For 4 hours,

Charge =  20(4) + 75 = 155

For the first two hours , the charge of option 2 is more than the rent of option 1

From 3 hours, option 2 will be better deal than option 1