Paying 13 mortgage payments instead of 12 per year can save to you thousands in interest cost. If you had a $175,000 mortgage at 6% for 30 years, how much extra would you have to pay per year to make 13 instead of a 12 mortgage mortgage payments per year? How much would you pay if you paid 1/12 of it per month?

Answers

Answer 1

You would pay $14,583.33 per month if you divided the mortgage amount into equal monthly payments.

To calculate the additional amount you would have to pay per year to make 13 mortgage payments instead of 12, we need to determine the monthly mortgage payment first.

Using the formula for a fixed-rate mortgage:

[tex]M = \dfrac{P(r(1 + r)^n)} { ((1 + r)^n - 1)}[/tex]

M = P(r(1 + r)^n) / ((1 + r)^n - 1)

Here:

M = Monthly mortgage payment

P = Principal amount (mortgage amount)

r = Monthly interest rate (annual interest rate / 12)

n = Total number of payments (number of years × 12)

Let's calculate the monthly mortgage payment first:

P = $175,000

r = 6% / 12 = 0.005

n = 30 × 12 = 360

[tex]M = 175,000 \times\dfrac{ (0.005(1 + 0.005)^{360})}{ ((1 + 0.005)^{360} - 1)}[/tex]

M = $1,049.91

With a monthly mortgage payment of $1,049.91, we can calculate the additional amount you would need to pay per year to make 13 payments instead of 12.

Additional payment per year = Monthly payment × 12 - Monthly payment

Additional payment per year = $1,049.91 × 12 - $1,049.91

Additional payment per year = $12,599.92 - $1,049.91

Additional payment per year = $11,550.01

Therefore, you would need to pay $11,550.01 extra per year to make 13 mortgage payments instead of 12.

Now, let's calculate the amount you would pay if you made equal monthly payments throughout the year (1/12 of the mortgage amount per month).

Amount paid per month = Mortgage amount / 12

Amount paid per month = $175,000 / 12

Amount paid per month ≈ $14,583.33

Thus, you would pay $14,583.33 per month if you divided the mortgage amount into equal monthly payments.

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Related Questions

( Solving Linear Equations in One Variable )

What is the solution of the equation? Show your work.

1/4(2x + 1.2) = 3(0.7x + 3) - 5 1/2

Answers

Answer:

x=-2

Step-by-step explanation:

Simplify parentheses : 0.5x+0.3=2.1x+9-5.5

Combine like terms : 0.5x+0.3=2.1x+3.5

Isolate the variable : -1.6x=3.2

Divide by -1.6 on both sides : x=-2

Answer:

x=-2

Step-by-step explanation:

1/4(2x + 1.2) = 3(0.7x + 3) - 5 1/2

multiply both sides of the equation by 4 to get rid of the fraction 1/4

2x+1.2=12(0.7x+3)-4*5 1/2

distribute 12 into parenthesis

2x+1.2= 8.4x+36-4*5 1/2

multiply -4 with 5 1/2

2x+1.2=8.4x+36-22

subtract numbers

2x+1.2= 8.4x+14

move X's to one side and numbers to another

2x-8.4x=14-1.2

collect like terms

-6.4x=12.8

divide by -6.4 to get x

x= -2

the point of concurrency of the angle bisectors of a triangle

Answers

Answer: The incenter

Step-by-step explanation:

The incenter is the point of concurrency of the angle bisectors of all the interior angles of the triangle. In other words, the point where three angle bisectors of the angles of the triangle meet are known as the incenter.

Find the slope of the line give the following point on the line:


(-1, -9) and (-5, 1)

Answers

Answer:

-8/3

Step-by-step explanation:

What is (-1/2) in mathematics

Answers

Answer: One half is the irreducible fraction resulting from dividing one by two (2) or the fraction ... One half often appears in mathematical equations, recipes, measurements

Step-by-step explanation: For example, if you wish to halve the fraction 5/7, write “* 2” beside the denominator “7.” There is no operation to perform to the numerator. Multiply the denominator by 2 to halve the fraction. Using the same example, 7 * 2 = 14. This means that half of 5/7 is 5/14.


Cherries cost $4.35 per pound and onions cost $0.98 per pound. Lacey has $21.45 to spend. How many pounds of cherries can Lacey afford if she
has to buy 3 pounds of onions?

Answers

Answer:

Lacey could afford 4.25lb of cherries

Step-by-step explanation:

Cost of onions= 3 lb x 0.98/1=2.94

21.45-2.94=18.48$

1 lb=4.35

18.48 x 1lb of cherries/4.35=4.25lb of cherries.

Hope I helped please mark brainliest it means a lot to my progression and thanks! <3

I need some help please. I don't understand this. :)

Answers

Answer:

i dont know sorry

Step-by-step explanation:

pls ask someone else thanks have a nice day

You estimate the weight of an apple to be 6 ounces. The actual weight of an apple is 4 ounces. What is your percent error?




help

Answers

Answer:

150%

Step-by-step explanation:

I hope this helps

what is 400x800 do any one knows

Answers

Answer:

Step-by-step explanation:

320000 is your answer


- take off the zeros
-4x8= 32
-add the zeros back on
Answer=320,000

I was gone for 2 days in school and have no idea how to do this, anyone mind helping.

Answers

What do you notice about the two lines?
They are perpendicular lines.

What do you notice about the equations for the two lines?
They are opposite of each other.

Does this represent a function?

Answers

Question:

Does this represent a function?

Explanation:

: Determine whether a relation represents a function.

:Find the value of a function.

: Determine whether a function is one to one.

:Use the vertical line test to identify functions.

:Graph the functions listed in the library functions.

Answer:

No

Find the y-intercept and the vertex of y+-x^2+6x-8 using standard form

Answers

Answer:

-x^2+y+6x-8

hope this helps

If DEF=GJH, find each missing measure

a) DF =

d) F =

b) JH =

|||

e) m&G =

c) GJ =

f) m =

I need help it’s due in 20 minutes:(

Answers

Congruent triangles have equal corresponding sides and angles.

The measure of the side lengths are: [tex]\mathbf{DF = 16m}[/tex], [tex]\mathbf{JH = 14m}[/tex] and [tex]\mathbf{GJ = 19m}[/tex]The measure of the angles are: [tex]\mathbf{\angle G = 34^o}[/tex], [tex]\mathbf{\angle J = 41^o}[/tex] and [tex]\mathbf{\angle F = 105^o}[/tex]

The given parameters are:

[tex]\mathbf{\triangle D EF \cong \triangle GJH}[/tex]

[tex]\mathbf{EF = 14m}[/tex]

[tex]\mathbf{D E = 19m}[/tex]

[tex]\mathbf{GH = 16m}[/tex]

[tex]\mathbf{\angle D = 34^o}[/tex]

[tex]\mathbf{\angle H = 105^o}[/tex]

[tex]\mathbf{\triangle D EF \cong \triangle GJH}[/tex] means that triangles DEF and GHJ are congruent triangles.

So, we have:

[tex]\mathbf{DF = GH}[/tex]

This gives

[tex]\mathbf{DF = 16m}[/tex]

Also, we have:

[tex]\mathbf{JH = EF}[/tex]

This gives

[tex]\mathbf{JH = 14m}[/tex]

Also, we have:

[tex]\mathbf{GJ = DE}[/tex]

This gives

[tex]\mathbf{GJ = 19m}[/tex]

The following angles are also congruent

[tex]\mathbf{\angle F = \angle H}[/tex]

This gives

[tex]\mathbf{\angle F = 105^o}[/tex]

Also, we have:

[tex]\mathbf{\angle G = \angle D}[/tex]

This gives

[tex]\mathbf{\angle G = 34^o}[/tex]

The measure of angle J is then calculated using

[tex]\mathbf{\angle J + \angle H + \angle G = 180^o}[/tex]

This gives

[tex]\mathbf{\angle J + 105 + 34= 180^o}[/tex]

[tex]\mathbf{\angle J + 139= 180^o}[/tex]

Subtract 139 from both sides

[tex]\mathbf{\angle J = 41^o}[/tex]

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the base of a triangle is eight less than twice it’s height, if the area of the triangle is 5cm^2 find the length of the base

Answers

Answer:

the height = 5cm

the base = 2cm  

Step-by-step explanation:

witch rational number is between -11/15 and -5/6?
answers to chose from -1, -7/10, -4/5 and -13/15

Answers

Answer:

-4/5

Step-by-step explanation:

To find this we can look for the [tex]LCD[/tex] between all the numbers

Here are our [tex]LCD's[/tex] (Least Common Denominator)

-22/30 and -25/30

It wouldn't be -1 because it isn't in between those numbers

It isn't -7/10 because if we turn it into our [tex]LCD[/tex] it would be -21/30 which isn't in between those numbers

It is -4/5 because if we turn in into our [tex]LCD[/tex] it would be -24/30 which is between those numbers

This means we have our right answer we know our last one is incorrect

Mary places a 15-foot ladder against her house. The base of the ladder is 3 feet from her house How high up to the nearest tenth of a foot, the ladder reach on Mary's house?

taking math test plz help

Answers

Answer:

Let the base of the 15ft long ladder be placed x ft away from the wall so that it exactly reaches the top of a 12- foot tall wall.

By Pythagorean theorem

12

2

+

x

2

=

15

2

x

2

=

15

2

12

2

=

81

x

=

81

=

9

ft

The base of the 15-foot ladder should be set back from the wall by x feet in order for it to precisely reach the top of a 12-foot wall.

What is nearest tenth?

The decimal number can also be rounded to the nearest tenths place value. The first number that appears after the decimal point is the tenth place value. Look at the hundredth number to round the decimal number to the nearest tenth. If it's more than 5, add one to the tenth value.

The tenths digit stays the same if it is 4 or less. The hundredths place digit, 8, is greater than or equal to 5, so 3.58 can be rounded to 3.6. Due to the fact that the digit in the hundredths place, 2, is less than 5, 3.32 would be rounded to 3.3.

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A company rents out 16 food booths and 20 game booths at the county fair. The fee for a food booth is $200 plus $9 per day. The fee for a game booth is $95 plus $6 per day. The fair lasts for d days, and all the booths are rented for the entire time. Enter a simplified expression for the amount, in dollars, that the company is paid.

Answers

Answer:

20(95+6d)+16(200+9d)

Step-by-step explanation:

I'm not so sure about this question since I'm also learning about algebra right now.

But we know there's 20 game booths that costs 95$ and 6$ for d days

if so first we need to know how much 1 booth cost, which is $95 plus $6 per day and as an expression: 95+6d. Then there's 20 booths so we multiply it, and we need to add parentheses according to the priority rule. So it should be 20(95+6d)?

then food booths are 16(200+9d)

then we add them so

20(95+6d)+16(200+9d)

3.53 divided by 51
24.2 divided by 42
9.13 divided by 23
79.2 divided by 39

Answers

Answer:

1. 0.0692156863

2. 0.5761904762

3. 0.3969565217

4. 2.030769231

Step-by-step explanation:

p pennies added to 22 pennies

Answers

23 Pennie’s is the answer I believe

Help is very much appreciated thank you!!!

Answers

Answer:

2 <= x < 8

Step-by-step explanation:

2 is less than or equal to x and the symbol for that is <=

the least number should also be on the left side

8 is greater than x so the symbol is <

8 is the biggest number and goes on the right

15/32×16/27 The / stands for a fraction i would just like help please :)

Answers

Answer:

(24 × 3 × 5) / (25 × 33) =

((24 × 3 × 5) ÷ (24 × 3)) / ((25 × 33) ÷ (24 × 3)) =

(24 ÷ 24 × 3 ÷ 3 × 5)/(25 ÷ 24 × 33 ÷ 3) =

(2(4 - 4) × 1 × 5)/(2(5 - 4) × 3(3 - 1)) =

(20 × 1 × 5)/(2 × 32) =

(1 × 1 × 5)/(2 × 32) =

5/(2 × 32) =

5/(2 × 9) =

5/18

Please Answer! ASAP!

Answers

Answer:

B

Step-by-step explanation:

hope this helps

x=1
y=−3x+10
What is the answer?

Answers

Answer:

7

Step-by-step explanation:

as x is 1

3x added 10 -3*1 add 10 -3 add 10 = 7 as it is is sign - and add the ans will be 7

An equation is shown.

3x+4/5=7-2x

What is the solution to the equation
x= ?

Answers

Answer:

1.24

Step-by-step explanation:

start by multiplying each term by the LCM which is 5

then you ahead and simply the equation

Can you please help me?

Answers

No I can’t because u didn’t ask a question

Add: 8x2 + 7xy – 6y2 , 4x2 – 3xy + 2y2 and -4x2 + xy – y2

Answers

The given terms in the question can be added by collecting like terms. So that the addition is:

8[tex]x^{2}[/tex] + 5xy -5[tex]y^{2}[/tex]

The addition of terms involve adding like terms so as to simplify the final expression.

Thus considering the terms in the given question, the addition would give:

(8[tex]x^{2}[/tex] + 7xy - 6[tex]y^{2}[/tex]) + (4

open the brackets and collect like terms to have;

8[tex]x^{2}[/tex] + 7xy - 6[tex]y^{2}[/tex] + 4

8[tex]x^{2}[/tex] + 4

8[tex]x^{2}[/tex] + 5xy -5[tex]y^{2}[/tex]

Therefore on adding the given terms, the expression derived as answer is:

8[tex]x^{2}[/tex] + 5xy -5[tex]y^{2}[/tex]

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six times the difference of a number and three is -42 (write and equation and solve)

Answers

Here's ur perfect answer

Hello!

6(3-x)=-42

Use the Distributive Property:

18-6x=-42

-6x=-42-18 (move all the constants (numbers) to the right side, using the opposite operation)

-6x=-60

6x=60

Divide both sides by 6:

x=10

Hope it helps!

If you have any questions, feel free to ask in the comments! (:

~An excited gal

[tex]SparklingFlower[/tex]

What is the height, x, of the equilateral triangle?

Answers

Answer:

D: [tex]4\sqrt3[/tex]

Step-by-step explanation:

Draw the height. You notice you have split the triangle in two right triangles of sides 8 (the hypotenuse), 4 (half the horizontal side) and x. Let's apply Pythagorean theorem to the triangle: [tex]8^2 = 4^2+x^2 \rightarrow 64=16+x^2 \rightarrow x^2= 48 = 4^2\times3\\x= \sqrt48 = 4\sqrt3[/tex]

!!please answer quickly and correctly!!

A delivery truck is transporting boxes of two sizes: large and small. The combined weight of a large box and a small box is 70 pounds. The truck is transporting 55 large boxes and 70 small boxes. If the truck is carrying a total of 4300 pounds in boxes, how much does each type of box weigh?​

Answers

Large=40 pounds

small=30 pounds

and this is the solution

Write an expression in simplest form for the perimeter of each figure.

Answers

Answer:

4*4j +2h*2 = 16j + 4h

COS Find the quotient when the polynomial expression is divided by a binomial Find the quotient ANSWER SOLUTION CHOICES X2+11x+ 10) = (x+1) = Long Division Synthetic Division Answer: X2 + 5x + 1​

Answers

Answer:

x=−1 or x=−9

Step-by-step explanation:

x2+11x+10=x+1

Step 1: Subtract x+1 from both sides.

x2+11x+10−(x+1)=x+1−(x+1)

x2+10x+9=0

Step 2: Factor left side of equation.

(x+1)(x+9)=0

Step 3: Set factors equal to 0.

x+1=0 or x+9=0

x=−1 or x=−9

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