Solve the following equations.
ln(2x) = 3

x = 10.0427

Step-by-step explanation:

When we have a logarithm in one side we can express it as an exponential equation (logₐM = N ⇒M=bⁿ)

*Remember that In is a logarithm whose base is e*

So we have In (2x) = 3

We proceed using the definition

2x = e³

x= e³/2

x = 20.0855/2

x=  10.0427

P =[ (rM)/[1 – (1+ r/n)]^(-nt)] /  n

where P = the payment, r = the annual rate, M = the mortgage amount, t = the number of years, and n = the number of payments per year.

1558.09 = [ (0.05875M)/[1 – (1+ 0.05875/12)]^(-12(20)] /  12

The solve for M

M = 219684.92

Downpayment = 267900 -219684.92

Downpayment = 48215.08

Percentage of downpayment = (48215.08/267900) *100

= 18%