Bethany and Samuel are buying a new house. They have $25,000 saved for a down payment and know that they can afford a monthly payment of $1,500 or less. They also know that the best interest rate they can get is 5.1% annually and they want to sign a 30-year mortgage.

1. This equation is used to find the monthly payment, m, given the monthly interest rate, i, the principal, P, and the number of interest periods, n, in months:
Using the equation, find the largest possible principal P for their situation. In other words, what is the largest amount of money they can borrow? (Hint: To answer the question, you must rearrange the equation.)

Bethany And Samuel Are Buying A New House. They Have $25,000 Saved For A Down Payment And Know That They

Answers

Answer 1

The  largest amount of money they can borrow is $$276.268.65

How to calculate the largest amount?

The main formula used in this problem is the Present Value of an annuity Formula:

P = R[1-(1+i)⁻ⁿ]/i

Where;

P: present value (the mortgage value)R: periodic paymentt: time (in years)r: annual interest ratem: number of compounding per yeari=r/m      (rate per period)n=mt      the total number of payments

The maximal monthly payment that Bethany and Samuel can afford is $1,500.

The best interest rate is %5.1 annually, and they want to sign a 30-year mortgage.

This implies that

R=1,500

t=30

r=%5.1 = 5.1 /100 = 0.051

m=12, because they make the payments monthly

i=r/m=0.051/12=0.00425

n=mt = 12*30=360

That is,

i) they will make 360 monthly payments,

ii) the largest amount of money they can borrow can be found using the formula:

P = R[1-(1+i)⁻ⁿ]/i

Substituting the known values:

P = 1500[1-(1+0.00425)⁻³⁶⁰]/0.00425

Therefore, $276.268.65 is the largest possible principal for the situation

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Related Questions

Please!! What is the slope of each line?

Are they the same or different?

Answers

Given:

The graph of two lines.

To find:

The slope of each line and check whether they are same or different.

Solution:

If a line passes through two points, then the slope of a line is:

[tex]m=\dfrac{y_2-y_1}{x_2-x_1}[/tex]

From the graph 1, it is clear that the line passes through the points (2,175) and (3,165). So, the slope of first line is:

[tex]m_1=\dfrac{175-165}{3-2}[/tex]

[tex]m_1=\dfrac{10}{1}[/tex]

[tex]m_1=10[/tex]

The slope of first line is 10.

From the graph 2, it is clear that the line passes through the points (1,175) and (2,165). So, the slope of first line is:

[tex]m_2=\dfrac{175-165}{2-1}[/tex]

[tex]m_2=\dfrac{10}{1}[/tex]

[tex]m_2=10[/tex]

The slope of second line is 10.

[tex]m_1=m_2[/tex]

Therefore, the slopes of both lines are same, i.e. 10.

PLZ HELPPPPPPPP

When y=4x-6 find y if x=o

Answers

Y = -6 because if x is 0 then y= 4x0 -6

Tyler is 30 years younger than Naeste 9years ago

Answers

Answer:

i dont understand this question but i think maybe 21

Step-by-step explanation:

30-9 =21

Answer:

21

Step-by-step explanation:

Help againnnnnnnnnnnnnnnnnnnnnnnnn

Answers

Answer:

10 inches

Step-by-step explanation:

Hypotenuse = h

h^2 = 8^2 + 6^2

h^2 = 64 + 36

h^2 = 100

h = √100

h = 10

Hope that helps! :)

-Aphrodite

please help will get brilent
Coach Soto bought a house at $350,000 that increases in value at a rate of 12%. Coach Torres bought a house at $275,000 and increased at a rate of 17%. Both coaches sold their house after 5 years, who made a higher profit?​

Answers

Answer:

coach soto

Step-by-step explanation:

first figure out the profit, 350000 times 12% to get 42000. then multily 42000 by 5 wich is 210000 then add that  to 350000 wich is 560000. then 275000 times 17% which is 46750 times 5, 233750 add that to 275000  which is 508750. so coach soto had a greater profit

A family made three trips to the grocery store in one month. What was the total amount of money spent on groceries for the month?

Answers

Answer:

Step-by-step explanation:

So, first they spend $100

The next week, they spend 20% less than $100, so they spent $80 that week.

The 3rd week, they spend 3/4 of $80, so they spend $60 that week.

Finally, we add the spent money from the 3 weeks (100 + 80 + 60) and get $240. I hope this helps!

r + (-4) = 7 solve for r

Answers

Answer:

11

Step-by-step explanation:

Add 4 to both sides to get rid of -4 or if you want think of it as moving -4 to the other side and turning it into positive if its negative and negative if its positive

r=11


Can someone help me :( 6th grade tbanks

Answers

It equals 24 you make the x=7 the multiply 5x7=35+3=38-2x7=24

Write the coordinates of the vertices after a translation 2 units left and 5 units down. B(0,2). C(9-1) D(9,4) E(0,4)

Answers

Answer:

B'(-2, -3)

C'(7, -6)

D'(7, -1)

E'(-2, -1)

Step-by-step explanation:

When you move translate a coordinate horizontally, if it is to the left, you subtract the x value with how many units you move, and if its to the right, you add however many units you move to the x-value. and when you move vertically, if you move down, subtract the amount of units you moved from the y-value, and if you move up, add however many units you moved to the y-value.

learning task 2: pls help​

Answers

Answer:

96=2(2x+x)24=3x[tex] \frac{2}{3} x = 72[/tex]x+(x+1)=294(x+8)=54

Any help would be appreciated

Answers

I think the answer is 5.

Sorry if it's wrong.

Answer:

5

Step-by-step explanation:

This question is based on vector

By applying its formula

AC = AB + BC

we were given AC as 14 and BC as 9 so let find AB

AC = AB + BC

14 = AB + 9

AB = 14 – 9

AB = 5

i hope this helped

Find the surface area of the sphere.
Formulas for Spheres
S.A. = 4
V = for S.A. = [?] cm2
Round to the nearest tenth.
PLEASE HELP !
links will be reported.

Answers

Answer:

201.1 cm ^2 ( in

acellus )

Step-by-step explanation:

The surface area the sphere is 64π cm².

Sphere

A sphere is a three-dimensional equivalent of a two-dimensional circle. A sphere is a collection of points in three-dimensional space that are all the same distance r from a particular point. hat given point is the center of the sphere, and r is the sphere's radius

Surface area: 4πr²

How to determine the surface area of the sphere?

Given the radius of the sphere is 4 cm.

then apply the formula

surface area = 4π(4)²

                     = 4π(16)

                     = 64π cm²

Hence the surface area is 64π cm².

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A rope 15 inches long has been divided into the greatest possible number of pieces in such a way that each piece has a different length, and each of these lengths in inches is expressed by a whole number. How many cuts were made?

A.3
B.4
C.5
D.6
E.7

Answers

Answer:

Below

Step-by-step explanation:

1+2+3+4+5 =15       5 lengths will require   4 cuts

There are 10 boys in Mr. Lee's class. If 40% of the class are boys, which is the total number of students in Mr. Lee's class?

Answers

Answer:

25

Step-by-step explanation:

2.5 =10%

2.5*4= 10

2.5*6=15

Answer:

25

Step-by-step explanation:

Using P=(%)w we can substitute the values. First, I will define the variables. P = part (is), % = percent, w = whole (of)

10 = (40%)w

The reason for this is because 10 is a PART and 40% is a PERCENT and we are solving for the unknown WHOLE. We now divide 10 by 0.40 because to convert a percent to a decimal you just move the point two places to the left:)

10 divided by 0.4 = 25. So, there is a total of 25 students in Mr. Lee's class. Now, we can check this by multiplying 25 and 0.4 to get 10! It is in fact correct.

PLEASE READ PRACTICE AND UNDERSTAND! DO NOT JUST TAKE THE ANSWER. KNOWLEDGE IS POWER :^)

PLEASE HELP
A fly makes a bee-line from one corner of Mrs. Tomasi's room
to the opposite corner. The room is 30x 32 feet and 9 feet tall.
What angle is the angle of elevation of the flight path if he flies
straight there?

Answers

The angle of elevation of the fly's flight path is approximately 57.74 degrees.

What is hypotenuse?

In a right triangle, the hypotenuse is the side opposite the right angle. It is always the longest side of the triangle and is the side opposite to the 90 degrees angle. It is also the side that forms the "hypotenuse" of the right triangle.

What is Pythagorean theorem?

The Pythagorean theorem is a fundamental result in Euclidean geometry that states that in a right triangle, the square of the length of the hypotenuse (the side opposite the right angle) is equal to the sum of the squares of the lengths of the other two sides. It can be written as c^2 = a^2 + b^2, where a and b are the legs of the triangle and c is the hypotenuse. This theorem can be used to find the length of the hypotenuse of a right triangle when the lengths of the other two sides are known.

Let's call the angle we're trying to find "theta". The horizontal distance is 30 feet, the vertical distance is 32 feet and the height is 9 feet.

Using pythagorean theorem:

$c^2 = a^2 + b^2$

$c = \sqrt{30^2 + 32^2}$ = $\sqrt{900 + 1024}$ = $\sqrt{1924}$

Now we can use the tangent function:

$\tan(\theta) = \frac{opposite}{adjacent} = \frac{32}{30}$

Now we can find the angle, theta, by using the inverse tangent function:

$\theta = \tan^{-1}(\frac{32}{30})$

The angle of elevation of the fly's flight path is approximately 57.74 degrees.

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Rewrite the following equation in slope-intercept form. 17x + y = –19

Answers

Answer: y = 17x - 19

Step-by-step explanation:

17x + y = -19

Subtract 17 on both sides

Y= -19 - 17x

Then put it in y= mx + b

Y= -17x - 19

Answer:

y = -17x -19

Step-by-step explanation:

Slope intercept form is

y = mx+b  where m is the slope and b is the y intercept

17x+y = -19

Solve for y

y = -17x -19

18.
M is the midpoint of WX and
YZ. Is YW = ZX? Why?
W
M

Answers

Answer: Yes, YW ≅ ZX

Reasoning:

Because point M is the midpoint of segments WX and YZ, segments YM≅ZM and WM≅XM by the definition of a midpoint. Furthermore, ∠YMW≅∠ZMX by the Vertical Angles Theorem. Because we have a pair of corresponding, congruent sides, a pair of the included corresponding,congruent angles, and another pair of corresponding, congruent sides, the Side-Angle-Side Congruence Postulate can be used. By SAS, △YMW≅△ZMX. By CPCTC, segments YW≅ZX.

2. Avea checked out 18 books
from the library. Half of them
are nonfiction. How many
nonfiction books did she check
out?

Answers

Solution -

18 Total books
Half of 18 is 9
(18 divided by 2)
So Avea checked out 9 nonfiction books

Answer: she checked out 9 nonfiction books

Step-by-step explanation:

18-9=9

What is the difference between 28%and 18%of 4900

Answers

Answer:

Step-by-step explanation:

-11 2/3 x (-4 1/5) =?

Solve.

Answers

Answer:

[tex]44 \frac{2}{15} [/tex]

y-5=-7/3(x-3) in standard form

Answers

Answer: The equation Y-5 = -7/3(X-3) in standard form is:

3Y - 15 = -7X + 21

Step-by-step explanation:

Reasoning Freezer A has interior dimensions 21x21x4 it and sells for $349.99. Freezer B has
interior dimensions 2.5 1x2.5 ftx3 it and sells for $449.99. Which freezer is a better buy in terms
of dollars per cubic foot? Use pencil and paper. Show your work and explain your reasoning
Which freezer is the bemer buy?
Freezer A
Preezers

Answers

Answer:

A

Step-by-step explanation:

$34,100 at 4% for 3 years
Simple interest

Answers

The 3 year simple interest at 4% will be $38,192.

What is Simple interest?

A quick and easy method of calculating the interest charge on a loan is called a Simple interest.

The principal amount = $34,100

Interest rate = 4%

Time = 3 years Now,

Since, We know that;

Where, A is final amount.

P is principal amount.

r is interest rate.

t is time.

Substitute all the values, we get;

A = $34,100 (1 + 4/100)³

A = $34,000 (104/100)³

A = $34,000 × 104/100 × 104/100 × 104/100

A = $38,192

Thus, The Simple interest will be $38,192.

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1 + 2 + 4 + 8..., n= 7
evaluate the geometric series

Answers

Answer:

The ratio is 2

Step-by-step explanation:

The last value should be 64.

1 * 2 = 2

2 * 2 = 4

4 * 2 = 8

8 * 2 = 16

16 * 2 = 32

32 * 2 = 64

Solve the equation for x, and enter your answer in the box below.
-14x= -98

Answers

Answer:

x=7

hope this helps

have a good day :)

Step-by-step explanation:

Find the mean, median, and mode for the data set below.
weights of books (oz): 10 9 9 14 13 11

Answers

Answer:

Mean: 11

Median: 10.5

Mode: 9

156x2.2=?????Help fast

Answers

Answer:

343.2

Step-by-step explanation:

156 × 2.2

= (156 × 22)/10

= 3432/10

= 343.2

Need help
Kinda forget everything

Answers

Answer:

Option E

Step-by-step explanation:

GIVEN :-

β ≠ 3γ

TO FIND :-

Value of x

SOLTION :-

[tex]x - \frac{\beta x}{3\gamma} = \alpha[/tex]

Take 'x' common from L.H.S.

⇒ [tex]x ( 1 - \frac{\beta}{3\gamma} ) = \alpha[/tex]

Substract the terms in the brackets

⇒ [tex]x (\frac{3\gamma - \beta }{3\gamma} ) = \alpha[/tex]

Now , take the whole term in brackets to R.H.S.

⇒ [tex]x = \frac{\alpha }{\frac{3\gamma - \beta }{3\gamma} } = \alpha(\frac{3\gamma}{3\gamma - \beta}) = \frac{3 \alpha \gamma}{3\gamma - \beta }[/tex]

CONCLUSION :-

∴  [tex]x = \frac{3 \alpha \gamma}{3\gamma - \beta }[/tex] (Option E)

Brielle entered a contest at work that awards prizes to individuals who walk 10,000 steps a day. On the first day of the contest, Brielle checks her Fitbit at 12:00 PM and sees that she has already completed of the goal. How many steps has Brielle already walked at 12:00 PM? 3/8

Answers

Answer:

3750

I wish you luck in your assignments.

3750 because 10000/8* 3 is 3750 steps by 12 pm

IMPORTANT
Answer the two questions below please. Will wants to buy a new TV for $900. What is the minimum payment that she must pay each month to avoid paying interest on her credit card?

Answers

$75 a month. 75x12 = 900. i used 12 because that’s the number of months in a year. hope this helps
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