Five years ago, you acquired a 30-year loan of $130,750, charging 6.6% annual interest, compounded monthly, and requiring monthly payments. At this time, interest rates on 15-year loans have dropped to 2.1% APR, compounded monthly, and you wish to refinance what you still owe with a new loan at this new rate. (a) How much (in dollars) will you be refinancing? Round your answer to the nearest dollar. (b) How much (in dollars) will your new monthly payment be after refinancing? Round your answer to the nearest cent.

Answers

Answer 1

Five years ago, you acquired a 30-year loan of $130,750, charging 6.6% annual interest, compounded monthly,

a) You will be refinancing $122536.

b) New monthly payment be after refinancing is

$794.1858 or 79 418.58 cents.

We have given that

Initial loan amount = $ 130,750

Number of year of loan = 30 year

Nomber of month of loan "n" = 30x12= 360

Annual interest rate = 6.6%

monthly rate "r" = 6.6% /12 =

monthly payment on the loan is

PMT= loan× r / [1 - (1+r)⁻ⁿ]

= $ 130750 X 12/(1 - (1+ 6.6%/12)⁻³⁶⁰)

= $719,125/(1- (1+0.0055) ⁻³⁶⁰

= $835.046

Monthly payment, $835.046 on initial loan.

Now after 5 years refinishing is done . So, amount and remaining balance is for 30-5 = 25 years and 25×12 = 300 months . The present value of unpaid monthly payment is

= PMT× ( (1 - (1+r)⁻ⁿ)/r)

= $835.046( 1 - (1+6.6%/12)⁻³⁰⁰/ 6.6%/12]

= $835.046× 196.74179

= $122536

Hence, amount refinanced is $122536.

b) New monthly payment will be on loan =$122536

Annual rate = 2.1%

monthly rate, r' = 2.1%/12

Number of years for refinancing = 15 years

Number of months , n' = 15× 12 = 180

Using the formula new monthly payment is

PMT = new loan× r'/ [1 - (1+r')⁻ⁿ´ ]

= $122536× 2.1%/12[ 1 - (1+2.1%/12)⁻¹⁸⁰]

= $214.43826/0.2700104

= $794.1858

Hence, new monthly payment is $794.1858.

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Related Questions

who can help me please

Answers

9514 1404 393

Explanation:

Statement .... Reason

( ) .... Given (repeat of the given statements)

ΔACB ≅ ΔDCE .... SAS postulate

BA ≅ ED .... corresponding parts of congruent triangles are congruent

which one? Help I’ll give extra points

Answers

Answer:

You are right; It is Figure B

Step-by-step explanation:

t/15=3 what operation is that?

Answers

Answer:

t = 45

Step-by-step explanation:

[tex]\frac{t}{15} = \frac{3}{1}[/tex]

t × 1 = 15 × 3

t = 45

what’s 1 + 1 + 1 + 1 x 0 x 1 x 1 x 1 + 1 + z + 33 + π + 8 + π?

will give ALL my points

Answers

the answer is 45 + z + 2pi

Are 20,30, and 16 the sides of a right triangle? Please show workkk

Answers

Yes 20,30, and 16 is the sides of a right triangle

The diagram shows three touching circles.
A is the centre of a circle of radius x centimeters.
B and C are the centers of circles of radius 3.8 centimeters. Angle ABC = 70.
Find the value of x

Answers

Answer:

x = 7.31 cm

Step-by-step explanation:

cos 70° = 3.8/AB

0.3420 = 3.8/AB

AB = 11.11 cm

x = 11.11 - 3.8 = 7.31 cm

The value of x which is the radius of circle A is 7.31 cm

What is an equation?

An equation is an expression that shows the relationship between two or more numbers and variables.

AB = AC, hence ∠B = ∠C = 70°

∠A + ∠B + ∠C = 180° (angles in a triangle)

∠A + 70 + 70 = 180

∠A = 40°

BC = 3.8 + 3.8 = 7.6

Using sine rule:

BC/sinA = AB / sinB

7.6/sin(40) = AB/sin(70)

AB = 11.11 cm

x = 11.11 - 3.8 = 7.31 cm

The value of x which is the radius of circle A is 7.31 cm

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The table shows Annabeth’s scores on her math assignments. Find the mean.

Answers

The answer to your question would be 90.35. Have a good day!

Answer:

90.35

Step-by-step explanation:

its on envisions

8-2 quiz

-4x = 16

a -64




b 4




c 20




d-4

Answers

-4× = 16 answer: -4

Step-by-step explanation:

-4 × -4 = 16

Advertising expenses are a significant component of the cost of goods sold. Listed below is a frequency distribution showing the advertising expenditures for 75 manufacturing companies located in the Southwest. The mean expense is $50.93 million and the standard deviation is $10.80 million. Is it reasonable to conclude the sample data are from a population that follows a normal probability distribution? Advertising Expense ($ Million) Number of Companies 25 up to 35 4 35 up to 45 19 45 up to 55 27 55 up to 65 16 65 up to 75 9 Total 75

Answers

Answer:

Step-by-step explanation:

The table can be computed as:

Advertising Expenses ($ million)     Number of companies

25 up to 35                                                    4

35 up to 45                                                    19

45 up to 55                                                    27

55 up to 65                                                    16

65 up to 75                                                     9

TOTAL                                                            75

Let's find the probabilities first:

[tex]P(25 - 35) = P \Big(\dfrac{25-50.93}{10.80}<z< \dfrac{35-50.93}{10.80}\Big) \\ \\ =P \Big(\dfrac{-25.93}{10.80}<z< \dfrac{-15.93}{10.80}\Big) \\ \\ =P(-2.4009<z<-1.475) \\ \\ =(0.0694 -0.0082) \\ \\ =0.0612[/tex]

For 35 up to 45

[tex]P(35 - 45) = P \Big(\dfrac{35-50.93}{10.80}<z< \dfrac{45-50.93}{10.80}\Big)=P \Big(\dfrac{-15.93}{10.80}<z< \dfrac{-5.93}{10.80}\Big) \\ \\ =P(-1.475<z<-0.5491) \\ \\ =(0.2912 -0.0694) \\ \\ =0.2218[/tex]

For 45 up to 55

[tex]P(45 - 55) = P \Big(\dfrac{45-50.93}{10.80}<z< \dfrac{55-50.93}{10.80}\Big)=P \Big(\dfrac{-5.93}{10.80}<z< \dfrac{4.07}{10.80}\Big) \\ \\ =P(-0.5491<z<0.3769) \\ \\ =(0.6480 -0.2912) \\ \\ =0.3568[/tex]

For 55 up to 65

[tex]P(55 - 65) = P \Big(\dfrac{55-50.93}{10.80}<z< \dfrac{65-50.93}{10.80}\Big)=P \Big(\dfrac{4.07}{10.80}<z< \dfrac{14.07}{10.80}\Big) \\ \\=P(0.3768<z<1.3028) \\ \\ =(0.9032-0.6480) \\ \\ =0.2552[/tex]

For 65 up to 75

[tex]P(65 - 75) = P \Big(\dfrac{65-50.93}{10.80}<z< \dfrac{75-50.93}{10.80}\Big)=P \Big(\dfrac{14.07}{10.80}<z< \dfrac{24.07}{10.80}\Big) \\ \\ =P(1.3028<z<2.2287) \\ \\=(0.9871-0.9032) \\ \\ =0.0839[/tex]

Chi-Square Table can be computed as follows:

Expense   No of   Probabilities(P)  Expe                [tex](O-E)^2[/tex]   [tex]\dfrac{(O-E)^2}{E}[/tex]

             compa                                 cted E (n*p)

             nies (O)  

25-35           4      0.0612    75*0.0612 = 4.59        0.3481       0.0758

35-45           19     0.2218   75*0.2218 = 16.635     5.5932       0.3362

45-55           27     0.3568   75*0.3568 = 26.76     0.0576      0.021

55-65           16      0.2552   75*0.2552 = 19.14      9.8596      0.5151

65-75           9      0.0839     75*0.0839 = 6.2925   7.331         1.1650

                                                                                           [tex]\sum \dfrac{(O-E)^2}{E}= 2.0492[/tex]                                                                                                      

Using the Chi-square formula:

[tex]X^2 = \dfrac{(O-E)^2}{E} \\ \\ Chi-square \ X^2 = 2.0942[/tex]

Null hypothesis:

[tex]H_o: \text{The population of advertising expenses follows a normal distribution}[/tex]

Alternative hypothesis:  

[tex]H_a: \text{The population of advertising expenses does not follows a normal distribution}[/tex]

Assume that:

[tex]\alpha = 0.02[/tex]

degree of freedom:

= n-1

= 5 -1

= 4

Critical value from [tex]X^2 = 11.667[/tex]

Decision rule: To reject [tex]H_o \ if \ X^2[/tex]  test statistics is greater than [tex]X^2[/tex] tabulated.

Conclusion: Since [tex]X^2 = 2.0942[/tex] is less than critical value 11.667. Then we fail to reject [tex]H_o[/tex]



Lakisha is responsible for bringing the desserts to a friend's birthday
party. She is buying a cake for $25.00 and also cupcakes for $1.25
each. If she has budgeted $60 total, what is the maximum number of
cupcakes she can buy?
a) 68 cupcakes
b) 48 cupcakes
c) 28 cupcakes
d) 20 cupcakes

Answers

Checitgimytgg 4567 friend

A bookstore had 81 copies of a magazine, Yesterday the bookstore sold 7/9 of these copies. How many copies were sold yesterday?​

Answers

Answer: 63 copies were sold yesterday.

Step-by-step explanation: To find how many copies were sold yesterday, simply multiply 81 by 7 which is 567. Then, divide 567 by 9 which is 63.

I believe 63 copies were sold (like the person above said)

How I would have done it is found out what 1/9 was, by dividing 81 by 9 which is 9, then multiply 9 and 7 to get the amount of books sold which is 63

Please correct me if I am wrong, have a good day!

HELP ASAP I WILL MARK BRAINLEY
At Camille's Hats, 25% of the 28 hats are baseball caps. How many baseball caps are there?​

Answers

Answer:

112

Step-by-step explanation:

25 = 1/4 of 100. so u gotta do 4 * 28

Answer:7

Step-by-step explanation:

Which Factors would simplify in this expression?

(x-8) 4x(x+6)
——————x————-
8(x+6)(x+10) (x+10)

Answers

Answer:

(x+6)

Step-by-step explanation:

because you have ( x+6) on bottom of the first equation and on the top on the second equation

The area of a rectangle is 46 square inches. If the length is 4 times the width, thon find
the dimensions of the rectangle. Round off your answers to the nearest hundredth

Answers

Answer:

w = 3.39 in

l = 13.56 in

Step-by-step explanation:

46 = w(4w) = 4w²

w² = 11.5

w = 3.39 in

l = 13.56 in

Can anybody help me pls

Answers

answer is C

factor the quadratic and get (x+8)(x-1)=0
then use the 0 product property

Answer:

1 and -8

Step-by-step explanation:

I just substituted them until I found the correct one.

Hope this helps ^-^

The drawing shows a semicircular window separated into 3 sections of . Red Green Green Approximately how many of the glass are red? The window a diameter of 18 units

Answers

Um let me figure this out right now!

Answer:

[tex] \frac{45π}{2} \: units^{2} \: ≈ \: \boxed{70.7 \: units²} [/tex]

______________________

The correct option is 70.7

Step-by-step explanation:

Since the green and red make a semicircle, the total measure must be 180°.

Since the two green sectors are both 40°.

The red must add up with the green sectors to total 180°.

This means that:

red sector + 80° = 180°.

–80° –80.

red sector = 100°.

To find the area of a sector, we must first understand the area of the circle itself which is πr², where r is the radius.

Since a full circle is 360°.

(360° / 360°)( πr² ) will be the area.

Or in radians: (2π rad / 2π rad)( πr² ).

From here, we can create the formula:

Area of a sector = ( n° / 360° ) ( πr² ). Where n is the measure or the sector in degrees, and r is the radius.

You may also know that the diameter is twice the measure of the radius.

This means that if we are given a diameter of 18 units from the problem, the radius will be 18/2 or 9 units.

Lastly, all we have to do is substitute all this information to find the area of sector.

Area of the red sector = ( n° / 360° ) ( πr² ).

Area of the red sector =

( (100°) / 360° ) ( π(9)² ).

Area of the red sector = ( 5 / 18 ) ( 81π )

Area of the red sector = ( (5)(81π) / 18 )

Area of the red sector = ( (405π) / 18 )

Area of the red sector = ( 45π / 2 ) units²

Area of the red sector =

(141.371669412.. units²) / 2

Area of the red sector =

70.6858347058.. units²

Area of the red sector ≈

70.7 units²

Please guys help me please

Answers

Answer:

A will be the answer hope this will help u

Answer:

the correct option is A. (-5,-7)

like (5,-7) I. e (+,-) lies in the 3rd quadrant and the opposite of 3rd quadrant vertically is the 2nd quadrant.

so, the answer should come as (-,-) according to the 2nd quadrant.

so, answer will be (-5,-7)

I hope it's correct.

what is 313 3/5 x 65

Answers

Answer

20384

Step-by-step explanation:

Alex finds a remnant of landscaping fabric at a garden store . The fabric is the standard width , with length 9.7 m . Alex needs twelve 0.85 - m pieces for a garden patio . a ) Will Alex have more fabric than she needs ? If so , how much more ? b ) Will Alex need more fabric ? If so , how much more ?

Answers

Answer:

Kindly check explanation

Step-by-step explanation:

Given that:

Length of remnant fabric = 9.7m

Number of 0.85m length needed for patio = 12

Total length needed = (0.85 * 12) = 10.2m

The length of fabric needed is more than the length of remnant fabric found ;

10.2 m - 9.7m = 0.5m

Hence, Alex will need 0.5m more fabric

How many rabbits will
there be 6 days later?
If a rabbits population starts at 150 rabbits and decreases 5% per day.

Answers

Answer:

105 rabbits

Step-by-step explanation:

Multiple 5 percent by six days

5%x6=30%

150 rabbits --- 100%

x ----- 30%

100x=150x30

100x=4500 : 100

x=45

150-45=105

Answer:

880

Step-by-step explanation:

I've taken 5/105 divided and gotten 20.I have taken 20 * 6 which is the decrease so that you can get after six days how many rabbits were decreased and 150 * 6 that you can get how many rabbits are there in 6 days.then I took 900 - 120 i go 880 rabbits hope that helps.

help please !! i need help

Answers

Answer: 1/2x

Step-by-step explanation:

Y=x+20
Hope it’s right

What's the inequality?

Answers

Answer:

I believe the answer is D coorrect me if im wrong

Step-by-step explanation:

if im right brainliest?

or 5 stars and heart

I’m pretty sure that the answer is D

At what point(s) do these graphs intersect?
y = x^2 + 3x - 5
y = 4x + 1
Seth's solution:
y = x^2 + 3x - 5
y = 4x + 1
x^2 + 3x - 5 = 4x + 1
x^2 - x - 6 = 0
(x - 3)(x + 2) = 0
x = 3 and x = -2
The graphs intersect at.(-20) and (3,0).
Is Seth's solution correct? Explain.

Answers

The graphs intersect at the points (3, 13) and (-2, -7).

How to determine the intersection of 2 graphs

Given the following equations:

y₁ = x² + 3x - 5  (quadratic equation)

y₂ = 4x + 1 (linear equation)

To find the intersection point(s) of  the two graphs, we need to solve their equations simultaneously. By so doing, we'll set the equations equal to each other:

y₁ = y₂

x² + 3x - 5 = 4x + 1

collect the like terms

x² - x - 6 = 0

Now we'll factor the quadratic expression:

(x - 3)(x + 2) = 0

x - 3 = 0 or x + 2 = 0

x = 3 or x = -2

Now we have the points of intersection on the x-axis.

To get the corresponding  values on the y-axis, we'll plug each value of x into either of the original equations.

Let's use the first equation:

y₁ = x² + 3x - 5

When x = 3:

y₁ = 3² + 3(3) - 5 = 13

When x = -2:

y₂ = 4x + 1 = 4(-2) + 1 = -7

So the first intersection point is (3, 13) and the second intersection point is (-2, -7).

Therefore, the graphs intersect at the points (3, 13) and (-2, -7).

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Ok please help meeeeeeeeeeeeeeeee

Answers

Answer:

Step-by-step explanation:

Volume of a cone is given by the formula,

V = [tex]\frac{1}{3}\pi r^{2}h[/tex]

Here, r = Radius of the circular base of the cone

h = Height

By substituting values from the question,

V = [tex]\frac{1}{3}\times \pi (\frac{6}{2})^2(3)[/tex]

V = 9π

V = 28.27 m³ [Nearest hundred]

If we have to round the answer to the nearest tenth, answer will be,

Volume = 28.3 m³

If we have have to round the answer to the whole number then the answer will be,

Volume = 28 m³  


One of two complementary angles is 71 degrees. Let x = the measure of
the other complementary angle. Write and solve an equation to find the
measure of angle x.

Answers

Answer:

19 degrees

Step-by-step explanation:

Sum of 2 angles is complementary,

x + 71 = 90

x = 90 - 71

x = 19 degrees

Find the magnitude of AB.
A(-2, 6), B(1, 10)
O A 2
OB. ✔️15
O C.5
OD ✔️2

Answers

Answer:

C. 5

Step-by-step explanation:

Use the Distance Formula.

Substitute the values of x1 , y1 , x2 , and y2 .

|AB|² =|(1--2)²+(10-6)²|

|AB|² = |9+16|

|AB| = √ 25

|AB| =5

(a) Points and are shown on the number line. Part A Find the distances between points and and between points and . Show your work or explain your answers. Refer to the number lint in your explanation. Enter your answers and your work or explanation in the box provided.

Answers

Step-by-step explanation:

Im donating points thank you

Answer:

do you have a graph? we can't do it unless you have one.

what is parallel to y=5x + 3

Answers

Answer:

y=5x

Step-by-step explanation:

The slope of the line is the same as the original equation, with the 3 just shifting the line down 3 spots on the y axis.

A store is having a sale on jelly beans and almonds. For 2 pounds of jelly beans and 3 pounds of almonds, the total cost is $11. For 4 pounds of jelly beans and 8 pounds of almonds, the total cost is $25. Find them cost for each jelly beans and each pound of almonds.

Answers

$4.25 for a pound of jelly beans
$1 for a pound of almonds

A quality-conscious disk manufacturer wishes to know the fraction of disks his company makes which are defective. Step 2 of 2: Suppose a sample of 1536 floppy disks is drawn. Of these disks, 1383 were not defective. Using the data, construct the 98% confidence interval for the population proportion of disks which are defective. Round your answers to three decimal places.

Answers

Answer:

The 98% confidence interval for the population proportion of disks which are defective is (0.082, 0.118).

Step-by-step explanation:

In a sample with a number n of people surveyed with a probability of a success of [tex]\pi[/tex], and a confidence level of [tex]1-\alpha[/tex], we have the following confidence interval of proportions.

[tex]\pi \pm z\sqrt{\frac{\pi(1-\pi)}{n}}[/tex]

In which

z is the zscore that has a pvalue of [tex]1 - \frac{\alpha}{2}[/tex].

Suppose a sample of 1536 floppy disks is drawn. Of these disks, 1383 were not defective.

1536 - 1383 = 153

This means that [tex]n = 1536, \pi = \frac{153}{1536} = 0.1[/tex]

98% confidence level

So [tex]\alpha = 0.02[/tex], z is the value of Z that has a pvalue of [tex]1 - \frac{0.02}{2} = 0.99[/tex], so [tex]Z = 2.327[/tex].

The lower limit of this interval is:

[tex]\pi - z\sqrt{\frac{\pi(1-\pi)}{n}} = 0.1 - 2.327\sqrt{\frac{0.1*0.9}{1536}} = 0.082[/tex]

The upper limit of this interval is:

[tex]\pi + z\sqrt{\frac{\pi(1-\pi)}{n}} = 0.1 + 2.327\sqrt{\frac{0.1*0.9}{1536}} = 0.118[/tex]

The 98% confidence interval for the population proportion of disks which are defective is (0.082, 0.118).

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