Michelle is debating between two different mortgages for $184,000. She found a 20-year fixed rate loan at 7.05% and 15-year fixed rate loan at the same rate. How much more interest will she pay for the 20-year loan versus the 15-year loan?

Answers

Answer 1

9514 1404 393

Answer:

  $45,081

Step-by-step explanation:

The amortization formula can be used to find the monthly payment.

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

For the 20-year loan with r=0.0705 and P=184,000, the monthly payment is ...

  A = $1432.08

The total amount repaid will be ...

  12×20×1432.08 = 343,699.20

__

For the 15-year loan with the same parameters, the monthly payment is ...

  A = 1658.99

and the total amount repaid is ...

  12×15×1658.99 = 298,618.20

The difference in these repayment amounts is the difference in interest charges:

  343,699.20 -298,618.20 = 45,081

The 20-year loan will cost $45,081 more than the 15-year loan.


Related Questions

Solve each system to find the answer

Answers

Given:

The system of equations is

[tex]5g+4k=10[/tex]

[tex]-3g-5k=7[/tex]

To find:

The solution of given system of equations.

Solution:

We have,

[tex]5g+4k=10[/tex]        ...(i)

[tex]-3g-5k=7[/tex]         ..(ii)

Multiply (i) by 5 and (ii) by 4.

[tex]25g+20k=50[/tex]        ...(iii)

[tex]-12g-20k=28[/tex]         ..(iv)

Adding (iii) and (iv), we get

[tex]25g-12g=50+28[/tex]

[tex]13g=78[/tex]

Divide both sides by 13.

[tex]g=\dfrac{78}{13}[/tex]

[tex]g=6[/tex]

Put g=6 in (i).

[tex]5(6)+4k=10[/tex]

[tex]30+4k=10[/tex]

[tex]4k=10-30[/tex]

[tex]4k=-20[/tex]

Divide both sides by 4.

[tex]k=-5[/tex]

So, the solution of the system of equation is (6,-5).

Therefore, the correct option is A.

The Smith family took out a $160,000 loan. After 30 years they had paid a total of 364000. What is the interest rate on the loan? Can someone pls answer this in an hour using the equation Interest= principal x rate x time.

Answers

Answer:

The interest rate is 0.0425%

Step-by-step explanation:

Mathematically;

I = PRT/100

From the question, I in this context is the difference between how much they have paid and the amount borrowed

Mathematically, this is ; 364,000-160,000 = 204,000

This is the interest

R is the rate = ?

T = 30 years

P is the amount borrowed = 160,000

thus, we have

204,000 = (160,000 * R * 30)/100

2040 = 4800000R

R = 2040/4800000

R = 0.000425 which is 0.0425%

There are two exterior angles at each vertex of a triangle, and these angle measures always add to 180°.
true or false

Answers

I think it has to be true

help in algebra 1!! needed asap!! in khan academy btw

Answers

Answer:

10 not in

5 in

0 not in

Step-by-step explanation:

ill mark brainliest god bless

Answers

Answer:

C. m = -8

I hope this helps!

Answer:

Slope is -8

Step-by-step explanation:

2 - y = 8x

- y = 8x - 2

-y/-1 = 8x/-1 - 2/-1

y = -8x + 2

One batch of walnut muffins uses 1 cups of walnuts. How many cups of walnuts are needed to make 3 batches of muffins?
A.) 3 cups
B.) 57 cups
C.) 5 cups
D.) 4 cups

Answers

Answer:

3 cups

Step-by-step explanation:

If one needs one cup then three needs three cups.

What could be the value of x in the number sentence? 6 + x < 10

Answers

Answer:

the answer is 3 or less dhevvshsbdvdd

which statement is true ​

Answers

Answer:

the answer is B that is

ΔABC is similar to ΔEDC

Step-by-step explanation:

look at the figure abc and edc completely match together as a is a right angle and is at the the first, similarly e is also a right angle and is at the first. also b is at the same place as d i.e. in between the right angle and the last angle.

moreover, c is at the last in abc just like in edc

i need the helpp someone respond asap

Answers

Answer:

Uh- 1? I'm not sure, but I think?

Answer:

It’s 125

Step-by-step explanation:

So can you help me please ..u could choose which one u wanna do I will give Brainliest

Answers

Answer:

First Picture: 284 square inches

Step-by-step explanation:

We need to solve surface area, and we can do this by adding all the area.(See the image attached) Split up the shape and calculate the area of each.Then, add the numbers- it should be 284 square inches.

Answer:

yeah he got it

Step-by-step explanation:

Type the correct answer in the box. Use numerals Instead of words. Consider the function shown on the graph. у 8 8 02 4 2 2 X -10-8 -6 0 2 N- 6 6 8 10 -2 -4 -6 -8 Complete the statements to make them true,

domain x >
range y > ​

Answers

Answer:

Domain → [-5, ∞)

Range → [-2, ∞)

Step-by-step explanation:

Domain:

Domain of a function on from its graph is represented by the set of x-values (Input values).

Range:

Range of a function is a set of y-values (output values).

From the graph attached,

Graph starts from x = -5 and tends towards the infinity, so the domain will be,

Domain → [-5, ∞)

Similarly, y-values vary from y = -2 to y = ∞

Therefore, Range → [-2, ∞)

Given the graph of the function:

Domain is: [-5, ∞)

Range is: [-2, ∞)

Domain and Range of a Function

The domain of a function are all the values of x that are plotted on the x-axis, while the corresponding y-values are the range of the function.

Thus:

From the given graph representing a function:

Domain of the function is between -5 to infinity.

Range of the function is between -2 to infinity.

Therefore, given the graph of the function:

Domain is: [-5, ∞)

Range is: [-2, ∞)

Learn more abut domain and range of function on:

https://brainly.com/question/25915612

Please help polynomial stuff​

Answers

12. (2f^2-8f)/2f
don’t have time for the next one sorry

What should be done to both sides of the equation in order to solve -5m = -40?
A. Divide by -5.
B. Divide by -40.
C. Multiply by -5.
D. Multiply by -40.

Answers

Answer:

A

Step-by-step explanation:

Isolate M

Divide -5

Answer:

a

Step-by-step explanation:

PLEASE HELP ME I DONT UNDERSTAND

Answers

This should be the answer

Answer:

i got 8.944272

Step-by-step explanation:

might be wrong because i havent done a probelm like this in a long time

but i used the distance formula between the 2 plotted points.

A number is selected from the set (1, 2, 3, 5, 15, 21, 29, 38,500). If equal elemental probabilities are assigned, what is
the probability that the number chosen is either less than 29 or odd?

Answers

Answer:

7/9 is the answer

Step-by-step explanation:

how do i graph the following X=4

Answers

Answer:

Impossible you can’t

Step-by-step explanation:

Question 3 of 10
Use the quadratic formula to find both solutions to the quadratic equation
given below.
2x²+x-1=0

Answers

Answer:

x=1/2 or x=−1

Step-by-step explanation:

The solution to the quadratic equation is x = -1 or 1/2

What is Quadratic Equation?

A quadratic equation is a second-order polynomial equation in a single variable x , ax² + bx + c=0. with a ≠ 0. Because it is a second-order polynomial equation, the fundamental theorem of algebra guarantees that it has at least one solution. The solution may be real or complex.

The roots of the quadratic equations are

x = [ -b ± √ ( b² - 4ac ) ] / ( 2a )

where ( b² - 4ac ) is the discriminant

when ( b² - 4ac ) is positive, we get two real solutions

when discriminant is zero we get just one real solution (both answers are the same)

when discriminant is negative we get a pair of complex solutions

Given data ,

Let the quadratic equation be represented as A

Now , the value of A is

2x² + x - 1 = 0   be equation (1)

And , roots of the quadratic equations are

x = [ -b ± √ ( b² - 4ac ) ] / ( 2a )

On simplifying , we get

x = [ -1 ± √ ( 1 )² - ( 4 ) ( 2 ) ( -1 ) ] / 4

x =  [ -1 ± √ ( 1 + 8 ) ] / 4

x = [ -1 ± 3 ] / 4

So , the two values of x are

x = ( -1 - 3 ) / 4

x = -1

And , x = ( -1 + 3 ) / 4

x = 1/2

Therefore , the values of x are -1 or 1/2 respectively

Hence , the roots of the quadratic equation are -1 or 1/2 respectively

To learn more about quadratic equations click :

https://brainly.com/question/25652857

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what is a polynomial expression?​

Answers

Answer:   a polynomial is an expression consisting of variables (also called indeterminates) and coefficients, that involves only the operations of addition, subtraction, multiplication, and non-negative integer exponentiation of variables. An example of a polynomial of a single indeterminate x is x2 − 4x + 7.

Step-by-step explanation:

hope that help

Express 28cm as
a percentage of 2m​

Answers

Answer:

12.5%

Step-by-step explanation:

it easy

12.5 percent

its simple

Determine the measurement of angle Y if the measure of angle X is 55 degrees.



Question 4 options:

55 degrees


110 degrees


125 degrees


250 degrees

Answers

Answer:

110

Step-by-step explanation:

the measurment is more than 90 but not by much

Alarger number is 2 more than 4 times a smaller number. The larger number is also 8 more than 2 times the smaller number. 4x+2 y 2x+8 What is the value of the smaller number in the mathematical problem?​

Answers

Answer:

the value of the smallest number is 3

Step-by-step explanation:

The computation of the value of the smaller number is shown below:

Given that

y = 4x + 2

y = 2x + 8

Now equate these two equations

4x + 2 = 2x + 8

4x - 2x = 8 - 2

2x = 6

x = 3

Hence, the value of the smallest number is 3

The same is to be considered

Answer:

The value number is 3

Step-by-step explanation:

owo help me plz *smiles* thanks

Answers

Answer:

I belive it is A

Step-by-step explanation:

Answer:

I think it is #1

Step-by-step explanation:

28/45

solve this equation 3x + 5 = 7x – 7

Answers

Add 7 to both sides
3x + 12 = 7x
Subtract 3x
12 = 4x
Divide by 4
x = 3

Answer:

3

To find:

x

Step-by-step explanation:

3x + 5 = 7x – 7

3x - 7x = -7 - 5

-4x = -12

x = -12/-4

x = 3

hope it helps u!

Ben can type 2/5 of a page of an essay in 1/2 minute. How much time would
take him to type one full page of the essay?

Answers

Answer:

ok so first i want to figure out what 2/5 converted to percent is......

you can find it out on a calculator or on paper by dividing 2 / 5 = 0.4

so this is 40% and if it takes him half a minute to do this, it takes him about 30 seconds to finish 40% of the essay and there is a full 60% still waiting to be done, so lets see,

40% + 40% = 80%

so that is about 1 full minute to write 80% we are still left with 20% so let's see how much time does it take to write 20% of the essay, in 40% it takes 30 seconds and in 80% it takes 60 seconds. So since 20% is half of 40% then we must divide the time in half so 30 / 2 = 15

So if we add all these numbers up it equals 1:15 minutes to write an essay

I hope this helps and please mark brainliest if i got it right!

The time taken by Ben to write a full page will be 1:15 minutes.

What is an expression?

Expression in maths is defined as the collection of the numbers variables and functions by using signs like addition, subtraction, multiplication, and division.

Numbers (constants), variables, operations, functions, brackets, punctuation, and grouping can all be represented by mathematical symbols, which can also be used to indicate the logical syntax's order of operations and other features.

you can find it out on a calculator or on paper by dividing 2 / 5 = 0.4

So this is 40% and if it takes him half a minute to do this, it takes him about 30 seconds to finish 40% of the essay and there is a full 60% still waiting to be done, so let's see,

40% + 40% = 80%

so that is about 1 full minute to write 80% we are still left with 20% so let's see how much time it takes to write 20% of the essay, in 40% it takes 30 seconds and in 80% it takes 60 seconds. So since 20% is half of 40% then we must divide the time in half so 30 / 2 = 15

Therefore, the time takes Ben to write a full page will be 1:15 minutes.

To know more about an expression follow

https://brainly.com/question/14813498

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A minicar race is being held in Shipton. There are 4 students from Westview School who have entered it. There are 7 students from Eastmont School who have entered. How many students from both schools have entered the race? "_______ students from both schools have entered the race."

Answers

Answer:

11 students

Step-by-step explanation:

In order to solve this problem, you would simply need to add the provided number of students from each school together. This would give you the total number of students from all of the aforementioned schools that have decided to enter the race.

4 + 7 = 11 students

Therefore, we can see that a total of 11 students from both schools have entered the race.

please solve for t this is very important

Answers

t=-6
hope this helps:)

Helppppppppppp with 3 & 4!!!!!!!!!!!!!!!!!!!!!!!

Answers

Answer:

3 is b

4 is also b

Step-by-step explanation:

What's the answer?
Answer only if you know.

Please answer as soon as possible thank you:)

Answers

Answer:

[tex]6mx - 3nx + my[/tex]

Step-by-step explanation:

2my - my = 1my (1 can also be omitted).

Answer:

6mx-3nx+my

Step-by-step explanation:

Collect like terms:

6mx-3nx+2my-my

subtract: 2my-1my

= 1my

since you cant add any more like terms your answer would be

6mx-3nx+my

An electrician is hired to install a ceiling fan. She estimates that the installation will take no more than 45 minutes if the house is up to building code. If the house is not up to building code, she estimates that the installation will take longer than 120 minutes. Which graph represents the number of minutes it could take her to install the fan?

Answers

Answer:

The third image

Step-by-step explanation:

Your mom

Answer:

option C

Step-by-step explanation:

I got the right answer c;

A recipe uses 1/4 teaspoon of salt and 2 1/2 teaspoons of sugar. What is the ratio of salt to sugar in this recipe?​

Answers

Answer:

1:10

Step-by-step explanation:

the ratio we can it is

[tex]\frac{amount\:salt}{amount\:sugar}\\\\\frac{\frac{1}{4}}{2\frac{1}{2}}\\\\\frac{\frac{1}{4}}{\frac{5}{2}}\\\\\frac{1\times2}{4\times5}\\\\\frac{1}{2\times5}\\\\\frac{1}{10}[/tex]

so the ratio is 1:10

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