![tupacbestmc6020](/avatars/48151.jpg)
tupacbestmc6020
24.02.2020 •
Mathematics
Mortgage: $95,000; Years: 30; Interest Rate: 6%.
a. Find the monthly payment using the table above.
b. Find the total amount paid.
c. Find the total interest paid.
d. Find the monthly payment to the nearest cent using the formula above. Do not round until your final answer.
e. What is the difference (in dollars) in interest if you use the formula versus the table?
Solved
Show answers
More tips
- C Computers and Internet How to Download Movies from Torrents?...
- S Style and Beauty How to Sew Harem Pants?...
- C Computers and Internet Е-head: How it Simplifies Life for Users?...
- F Family and Home How to Choose the Best Diapers for Your Baby?...
- F Family and Home Parquet or laminate, which is better?...
- L Leisure and Entertainment How to Properly Wind Fishing Line onto a Reel?...
- L Leisure and Entertainment How to Make a Paper Boat in Simple Steps...
- T Travel and tourism Maldives Adventures: What is the Best Season to Visit the Luxurious Beaches?...
- H Health and Medicine Kinesiology: What is it and How Does it Work?...
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
Answers on questions: Mathematics
- M Mathematics Which organism is a a complex invertebrate...
- M Mathematics What does mode and range mean...
- M Mathematics With two number cubes, what is the probability of rolling a sum of a 9?...
- M Mathematics You build one raised garden box that is 12 feet by 6 feet and 10 inches tall. the supply store sells garden soil in cubic yards.-how many cubic yards of soil will...
- M Mathematics How do you solve proportions with ratios with a letter...
- M Mathematics 100,000 less than five hundred 60 thousand, three hundred thirteen is...
- M Mathematics Alocal dominos sold a total of 1,600 small pizzas ($9) and pasta dinners ($13) during the super bowl. how many of each did dominos sell if total sales were $15,600?...
- M Mathematics Theres 8 kids on the bus and 5 are boys whats the fraction...
- M Mathematics Find the component form of the set specified vector the unit vector that makes an angle -5pie/3 with the positive x-axis...
- M Mathematics what is the equation of this line? a. y=3/2x b.y=-2/3x c. y=-3/2x d. y=2/3x...
Ответ:
a. Find the monthly payment using the table above.
$570.b. Find the total amount paid.
$205,200.c. Find the total interest paid.
$110,200d. Find the monthly payment to the nearest cent using the formula above. Do not round until your final answer.
$569.57e. What is the difference (in dollars) in interest if you use the formula versus the table?
$154.80Explanation:
Data:
Mortgage: $95,000; Years: 30; Interest Rate: 6%.a. Find the monthly payment using the table above.
Locate the cell at the intersection of the column for 30 length of loan in years, and the row for 6.00% interest.
The cell has value 6.00
That is the monthly payment for a loan of $1,000.
For a mortage of $95,000 divide by 1,000 and multiply by the value of the corresponding cell, 6.00 in this case.
$95,000/1,000 × 6.00 = $570Thus, the monthly payment is $570.
b. Find the total amount paid.
You need to multiply the montly payment by the number of months in 30 years.
Number months = 12 × 30 = 360Total amount paid = number of months × montly payment = 360months × $570/month = $205,200Hence, the total amount paid is $205,200.
c. Find the total interest paid.
The total interest paid is the difference between the total amount paid and tha amount of the loan (mortgage).
Total interest = total amount paid - loan amountTotal interest = $205,200 - $95,000 = $110,200Therefore, the total interest pais is $110,200,
d. Find the monthly payment to the nearest cent using the formula above. Do not round until your final answer.
The formula for the factor is:
Where,
n is the number of periods; months in this case = 360, andi is the interest of one period: 6%/12 = 0.06/12 = 0.005Substitute and compute:
That factor is for $1.00
Multiply by $95,000:
Payment = $95,000 × 0.00059955 = $569.57Therefore, the monthly payment to the nearest cent using the formula is $569.57
e. What is the difference (in dollars) in interest if you use the formula versus the table?
Total amount paid = number of payments × monthly paymentTotal amount paid = 360 months × $569.57/month = $205,045.20Total interest = total amount paid - amout of the loan$205,045.20 - $95,000 = $110,045.20Difference: $110,200 - $110,045.20 = $154.80Hence, the difference in interest if you use the formula versus the table is $154.80
Ответ: