Mike Jones bought a new split-level home for $150,000 with 20% down. He decided to use Victory Bank for his mortgage. They were offering for 25-year mortgages. Provide Mike with an amortization schedule for two periods. (Use Table 15.1(b)). (Do not round intermediate calculations. Round your answers to the nearest cent.) Payment number Portion to— Balance of loan Interest Principal outstanding 1 2

Answers

Answer 1
Given:-

Value of Home = $150000

Down payment = 20% of $150000 = $30000

Loan Amount = $150000 - $30000 = $120000

Interest on Loan = 13.3/4% or 13.75%

Duration of Loan = 25Year

Calculation:-

Interest per month = 13.75%/12 =0.0114583333333333 % or 0.011458%

No. of months payment required = 25 years x 12 Months = 300 Months

To Calculated the monthly mortgage payment:-

The formula is M = P*i*(1 + i)^n/(1+i)^n – 1

Where M is monthly payment of Mortgage

P = principal amount of Loan = $120000

i = interest per month = 0.011458%

n=duration of loan in months = 300 months

When we apply the formula:

M = $120000*[0.011458*(1+0.011458)^300/(1+0.011458)^300-1]

= $120000*[0.011458*(1.011458)^300/(1.011458)^300-1]

=$120000*[0.011458*30.50697/30.5067-1]

=$120000*[0.011458*30.50697/29.50697]

=$120000*[0.349559/29.50697]

=$120000*0.011847 =$1421.60

So,Morgage payment Per month $1421.60

Period 1

Interest for 1st period = $120000 x0. 011458 = $1374.96

Pricipal Amount paid = $1421.60 -$1374.96 =$46.64

Balance in Principal amount = $120000-$46.64 =$119953.36

Period 2

Interest for 1st period = $119953.36 x0. 011458 =$1374.43

Pricipal Amount paid = $1421.60 -$1374.43 =$47.17

Balance in Principal amount = $119953.36 - $47.17 =$119906.19

Related Questions

trIangle ABC was reflated over y-axis. the coordinate of point A are(6,-4). what are the coordinate of A

Answers

Answer:

(-6,-4)

Step-by-step explanation:

Rule for reflection over the y axis (x,y) -----> (-x,y)

Explanation of rule : change the sign of the x value and keep the y value the same.

Applying rule to given coordinate

(6,-4) -----> change the sign of 6 to get -6 and keep -4 as it is -----> (-6,-4)

Refer to the attached image for more validation. Note that x=0 is the y axis

John made 357$ for 17 hours of work.
At the same rate, how many hours would he have to work to make $237???

Answers

Answer: 14 hours

Step-by-step explanation: First I found the unit rate of how much money per hour. So, 357 divided by 17 = 21. So know I know that she earns 21$ per hour. Then, I did 237 divided by 17 which would be 13 remainder 16. Since he only get paid if he works for a full hour, I think the answer would be 14.

[tex]\begin{array}{ccll} \$&hrs\\ \cline{1-2} 357&17\\ 237&x \end{array}\implies \cfrac{357}{237}=\cfrac{17}{x}\implies \implies \cfrac{119}{79}=\cfrac{17}{x}\implies 119x=1343 \\\\\\ x = \cfrac{1343}{119}\implies x = \cfrac{79}{7}\implies x = 11\frac{2}{7}\leftarrow \textit{11 hours, 17 minutes and 8 seconds}[/tex]

What is equivalent to 56 − 7 + ( 26 − 4 ) ÷ 2

Answers

Answer:

60

Step-by-step explanation:

56-7+22÷2

56-7+11

67-7=60

hope it helps thanks

De cuántas formas pueden mezclarse los siete colores del arco iris tomándolos de tres en tres?

Answers

Answer:

hi

Step-by-step explanation:

1+1=2

i really need helpppppppppppppppppppppppppppppp

Answers

Answer:

it makes no sence

Step-by-step explanation:

Answer:

D.

Step-by-step explanation:

Mean x¯¯¯ 7.25

Median x˜ 7

Mode 6

Range 12

Minimum 1

Maximum 13

Count n 16

Sum 116

Quartiles Quartiles:

Q1 --> 5

Q2 --> 7

Q3 --> 10

Interquartile

Range IQR 5

Outliers none

7.25 - 7 = 0.25

?/5 =8/10 type the missing number that makes this fraction equal

Answers

Answer:

4/5 = 8/10

Step-by-step explanation:

x/5 = 8/10

x = 8/10 × 5

x = 4

Mrs. terrance has a large bin of 236 crayons. She divides them equally among four containers.

Answers

236 / 4=59 hoped this helped

Consider the sequence: -7, -2, 3, 8…. What is f(7)?

Answers

You are adding by 5 in the sequence.
If f(1) is -7
f(2) = -2
f(3)= 3
f(4)=8
f(5)=13
f(6)=18
Therefore, f(7)=23

being timed so help me please!

Answers

A.) bc you divide 110 by 5 :)

?
58 62
28 27 13
13 15 12 11
6 7 8 4 7
4 2 5 3 1 6

Answers

Answer:

105

Step-by-step explanation:

First, adding two sequence numbers and that result become upper number

The path of a race will be drawn on a coordinate grid like the one shown below. The starting point of the race will be at (−5.3, 1). The finishing point will be at (1, −5.3).


Part A: Use the grid to determine in which quadrants the starting point and the finishing point are located. Explain how you determined the locations. (6 points)

Part B: A checkpoint will be at (5.3, 1). In at least two sentences, describe the difference between the coordinates of the starting point and the checkpoint, and explain how the points are related. (4 points)

Answers

The Cartesian coordinate plane, specify locations by a pair of coordinates that indicate the magnitude in perpendicular, x, and y directions

The correct responses are;

Part A: The starting point is in the second quadrant and the finishing point is in the fourth quadrant.Part B: The starting point and the check point are on different quadrant. Both points are on the same horizontal line.

Reasons:

The location of the start point of the race = (-5.3, 1)

Location of the finishing point = (1, -5.3)

Part A: The signs of the x and y-values in the quadrants are;

[tex]\begin{tabular}{|cc|c|}Quad II, x -ve, y +ve&&Quad I, x, and y are +ve\\&&\\Quad III, x -ve, y -ve&&Quad IV, x +ve, y -ve\end{array}\right][/tex]

The coordinates of the starting point is (-5.3, 1), therefore, given that the x-

coordinate is negative and the y-coordinate is positive, the quadrant of the

starting point is quadrant II (the second quadrant).

The quadrant of the starting point is the second quadrant.

The coordinates of the finishing point is (1, -5.3), the x-value is positive and

the y-value is negative, which indicates that the quadrant of the finishing

point is quadrant IV (the fourth quadrant).

The quadrant of the finishing point is the fourth quadrant.

Part B: The location of the checkpoint is; (5.3, 1)

The difference is that the x-value of the checkpoint is positive while the x-value of the starting point is negative, and they are therefore on different quadrants.

The similarity is that, the magnitude of the x, and y values of the coordinates of the check point and the starting point are the same. Therefore, the checkpoint and the starting point are on the same horizontal line.

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Bob purchased 2 hot dogs and 1 hamburger for S10. Later that day, Bob had to purchase more food and
Bot 1 hot dog and 3 hamburgers for S15. What were the prices of the hamburger and hot dogs?

Answers

Answer:

Hotdog: $3.00

Hamburger: $4.00

Step-by-step explanation:

For the first time that Bob buys food, we can make an equation to find how much a single hotdog and a single hamburger costs, where:

x = cost of a hotdog

y = cost of a hamburger

He bought 2 hotdogs and 1 hamburger for $10, so the equation for his first time buying food is:

2x + y = 10

For the second time buying food, he bought 1 hotdog and 3 hamburgers for $15, so his equation would be:

x + 3y = 15

To find the value for x and y we need to solve this system of equations using the two equations we just came up with. We can do this multiple ways, but I'll be demonstrating the substitution method.

Using the second equation, we can solve for x by simply subtracting 3y from both sides:

x = 15 - 3y

We can then insert this value of x into the first equation so that way we are only dealing with one variable to solve - y:

2(15-3y) + y = 10

Distribute out the 2 into the paratheses, combine like terms, and then solve for y:

30 - 6y + y = 10

30 - 5y = 10

-5y = -20

y = 4

This means the cost for one hamburger is $4. But we still need to find the price of one hotdog, so we can insert this value of y into the equation we came up with earlier for x, and then solve for x:

x = 15 - 3y

x = 15 - 3(4)

x = 15 - 12

x = 3

So the price of one hotdog is $3 and the price of one hamburger is $4. Hope this helps.

need help 5 stars and good rating for math problem

Answers

Answer: the 20 ounce box cost less per ounce

Step-by-step explanation:

Solve for x. Show all work. 2/3 (x+7) =10

Answers

Answer:

answer is 8

Step-by-step explanation:

2/3(x+7)=10

2x/3+14/3=10

2x/3=10-14/3==>30-14/3

2x/3=16/3

x=16/3*3/2

x=8

Michael has 13 dollars in his wallet. His father gives him his allowance for the week. Now Michael has 18 dollars. How many dollars did Michael's father give him?

Answers

Answer: 5 Dollars

Step-by-step explanation: You only have to substract 13 of 18, the answer of that is 5.

18-13=5
Michaels after give him $5

Which is the equivalent of 0.00000000989 in proper scientific notation?

Answers

Answer:

  9.89×10^-9

Step-by-step explanation:

  0.000 000 009 89 = 9.89×10^-9

__

We have introduced spaces in the number to make the digits easier to count. (Some technical publications will write the number with thin spaces for just that reason.) The most-significant digit is in the 9th place to the right of the decimal point, so has a place value of 10^-9.

Help help help help help help math math

Answers

Answer:

4x+14 = 2(2x+7}

12x+6=6{2x+1}

In a class of 30 students, 60% like math. How many students: Do not like math?

Answers

Answer:

12 students

Step-by-step explanation:

30×0.4=12.

So if 60% like math the 100-60=40, so 40% dislike math
So you take 40% ad write it as a fraction which is 40 4
—— = ——
100 10

So then you take 4 and divide by the bottom the times by the top like so…
——
10

First divide by the bottom : 30 divided by 10 = 3
Then times by the top : 3 x 4 = 12

Therefore 12 students dislike math!

The area of a circular cake plate is 1520 cm?. Find the diameter of the plate to the nearest cm

Answers

Answer:

Hola

tengo una pregunta

de que país

eres? ._.

Find all perfect squares between 100 and 300.

Answers

Answer: The answer in the first image.

Explanation: The explanation is in the second image.

20 POINTS AND BRAINLIST! WILL BE GIVEN!!
complete the following statements.

<1 and <5 are remote interior angles of <4.

_ and _ and are remote interior angles of <6.

_ and _ are remove interior angles of <2.

Answers

The sum of the remote interior angles are equal to the exterior angles.

The completed statements are;

∠1 and ∠3 are remote interior angles of ∠6

∠3 and ∠5 are remote interior angles of ∠2

Reasons:

Remote interior angles are the angles that are not on the same vertex as an exterior angle

The remote interior angles of ∠4 are ∠1 and ∠5

Similarly, we have;

∠1 and ∠3 are remote interior angles of ∠6

∠3 and ∠5 are remote interior angles of ∠2

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The graph below represents data that was collected by students on the number of social media posts they made the previous day. What's the greatest number of posts a student made?

Answers

From the graph given, the greatest number of posts a student made, which is the maximum data value is: 10 posts.

Given the graph given that represents the data that was collected by students shows the following:

The lowest number of posts a student made is 0 (3 students made 0 posts).The greatest number of posts a student made is 10 (2 students made the greatest number of posts).The number of posts made by most students is 7 (6 students made 7 posts).

In summary, from the graph given, the greatest number of posts a student made, which is the maximum data value is: 10 posts.

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WILL MARK BRAINLIEST PLEASE HELP THIS IS DUE NOW AND NO LINKS!!!

Answers

it would br 1/49

yw and have a great day

Determine if the sequence below is arithmetic or geometric and determine the common difference/ratio in simplest form.




64,16,4,…

This is a (geometric/arithmetic) sequence and the (common ratio/common difference) is equal to ____.

Answers

Step-by-step explanation:

this is clearly not a linear sequence (the terms don't have the same difference).

so, it has to be a geometric sequence.

the common ratio is r.

s2 = s1 × r

16 = 64 × r

r = 16/64 = 1/4

control :

s3 = s2×r

4 = 16 × 1/4 = 4

correct.

Common ratio is 1/4

What is geometric progression ?

A geometric progression or a geometric sequence is the sequence, in which each term is varied by another by a common ratio. The next term of the sequence is produced when we multiply a constant (which is non-zero) to the preceding term. It is represented by:

a, ar, ar2, ar3, ar4, and so on.

Where a is the first term and r is the common ratio.

This is a geometric sequence since there is a common ratio between each term. In this case, multiplying the previous term in the sequence by 1/4

gives the next term. In other words, [tex]a_n=a_1r^n^-^1[/tex]

Hence, common ratio r = 1/4

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Work out the area of the shaded shape 4m 9m 14m 8m

Answers

Answer:

76 m^2

Step-by-step explanation:

To find the area of the figure, you must divide the figure into multiple shapes. By dividing the figure into a 4 x 9 rectangle and a 5 x 8 rectangle, you can calculate the area of these two figures and add them together. After doing this, your answer should be 76 m^2.

Approximately what portion of the box is shaded blue?

A.2/3. B.9/10
C.3/5

Answers

the answer should be b 9/10

Simplify the expression completely.

Answers

Answer: B

Step-by-step explanation: Best way to solve this is to first take the square root of 9 which is 3. Notice in the expression there is an x^4 but once the square root of 9x^4 is taken, you get 3x^2. There is a minus sign in the middle, so answer choice C and D are out. Now, there is answer choice A or B. Now we take the square root of 12 but 12 isn't a perfect square root. But, you can think of 2 numbers that when you multiply give you 12 and one of those numbers is a perfect square root. In this case, it would be 4 because 4 times 3 = 12. Square root of 4 is 2. Again, notice there is an x^2. Once the square root of 4 is taken, you are left with 2x and square root of 3. The square root of 3 isn't a perfect square root. But, you can write the expression in the following way:

2x[tex]\sqrt{3}[/tex] - 3[tex]x^{2}[/tex]

Hope this helps.

20. Marissa has a $50, $20, $10, $5, and $1 bill in
her wallet. She takes the bills out and
randomly line them up. What is the
probability that the first bill is greater than
$5?

Answers

Answer: I believe it would be 60% tell if I am wrong

Step-by-step explanation:

The probability of getting first bill is greater than $5 is 1/5 or 0.2

Probability:

The probability of any event is the mathematical possibility of that event.

Probability is always lies between 0 to 1

Sure event has probability 1 while impossible event probability 0

The formula for probability is

Probability = [tex]\frac{number of favorable event}{total number of event}[/tex]

How to find probability?

Here the total event is

S = {$1, $5, $10, $20, $50}

Total number of events = 5

The probability of find greater than $5 is

Probability = 1/5 = 0.2

Hence the final answer is 0.2

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As a car ages, its value decreases. The value of a particular car with an original purchase price of $27, 200 is modeled by the following function, where
c is the value at time t, in years.
c(t) - 27, 200(1 -0.21)
a. What is the value of the car when it is 4 years old?
The value of the car after 4 years is Sl
b. What is the total depreciation amount after 5 years?
After 5 yehrs, the total depreciation amount is s[

Answers

a. The value of the car when it is 4 years old is approximately $13,645.23.

b. The car has depreciated by about $16,367.54 after 5 years.

To find the value of the car when it is 4 years old, we can substitute t = 4 into the given function:

c(4) = 27,200(1 - 0.21)^4

c(4) = 27,200(0.79)^4

c(4) ≈ 13,645.23

b. To find the total depreciation amount after 5 years, we need to find the difference between the original purchase price ($27,200) and the value of the car after 5 years. Using the function given, we can find the value of the car after 5 years by setting t = 5:

c(5) = 27,200(1 - 0.21)^5

c(5) = 27,200(0.79)^5

c(5) ≈ 10,832.46

Therefore, the total depreciation amount after 5 years is:

27,200 - 10,832.46 ≈ $16,367.54

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Please help

Find the mean
of the data.
Data: 46 22 46 49 45 39 40 42 41 39 40 36

Answers

Answer:

40.083

Step-by-step explanation:

The mean is the average of the numbers. It is easy to calculate: add up all the numbers, then divide by how many numbers there are. In other words it is the sum divided by the count.

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