A person who filed bankruptcy in the past is able to get a 30-year mortgage loan at a rate that is 6% higher than what they could have received if they had not filed. The interest rate this person pays on a $150,000 loan is 11%, compounded monthly. Assume the person could have received the lower interest rate on the loan and saved all of the difference in the payments for the first 10 years of the loan. If this person invested this total amount in an account paying simple interest at the rate of 2.5%, how much money would have accumulated in interest by the time the mortgage is paid off? a. $37,395.18 b. $74,790.37 c. $623.25 d. $3,739.52

Answers

Answer 1

Answer:

A. $37,395

Step-by-step explanation:

correct on edge! hope it helps :)

Answer 2

The savings from the difference between the 30–year loan at 11%, which

is 6% gives an interest when the mortgage is paid of approximately;

a. $37,395.18

How can the amount interest accumulated be calculated?

The amount paid is given as follows;

[tex]Monthly \ payment, \ M = \mathbf{\dfrac{P \cdot \left(\dfrac{r}{12} \right) \cdot }\left(1+\dfrac{r}{12} \right)^n }{\left(1+\dfrac{r}{12} \right)^n - 1}[/tex]

Which gives;

[tex]M = \dfrac{150000 \times \left(\dfrac{0.11}{12} \right) \cdot \left(1+\dfrac{0.11}{12} \right)^{30 \times 12} }{\left(1+\dfrac{0.11}{12} \right)^{30 \times 12} - 1} \approx \mathbf{1,428.49}[/tex]

Payment in 10 years = $1,428.49 × 120 ≈ $171,418.8

At the lower interest rate the person could have received (11 - 6 = 5)%, we have;

[tex]M = \mathbf{\dfrac{150000 \times \left(\dfrac{0.05}{12} \right) \cdot \left(1+\dfrac{0.05}{12} \right)^{30 \times 12} }{\left(1+\dfrac{0.05}{12} \right)^{30 \times 12} - 1}} \approx 805.23[/tex]

Payment in 10 years = $805.23 × 120 ≈ $92,227.6

Savings = $171,418.8 - $96,627.6 = $74,791.2

The time duration the savings is invested in the account = 30 years - 10 years = 20 years

Which gives;

Simple interest  after 20 years = $74,791.2 × 0.025 × 20 ≈ $37,396.6

Therefore;

The option that best gives the amount of money that would have accumulated in interest is the option a.

a. $37,395.18

Learn more about compound and simple interest here:

https://brainly.com/question/24557100

https://brainly.com/question/9245816


Related Questions

Help with this work please.

Answers

Answer: x= 10, y= 13. i dont know for sure so i'd wait for someone else to answer

Answer:

x = 12

y = 13

Step-by-step explanation:

by pythagoras theorem

x²=20²-16²

x²=400-256

x²=144

x=12

y²=x²+5²

y²=12²+5²

y²=144+25

y²=169

y=13

Round 8265 to the nearest ten?

Answers

8270



Step by step explanation:

15 points and brainliest! Solve for x. 7x + 3 = 17

A: x= 2

B: x=7

C: x=20

D: x=27

Answers

Answer:

Its A

Step-by-step explanation:

7x + 3 =17

            -3  ( 17 -3 = 14)

7x =  14.  (14 divided by 7)

u get x=2

What is the value of the expression below when n=5

Answers

Answer:

-6 (i can explain if its needed)

Step-by-step explanation:

[tex]2 - {n}^{2} + 3 \times 14 - {n}^{2} = \\ 2 - {n}^{2} + 42 - {n}^{2} = \\ 2 - 25 + 42 - 25 = - 6[/tex]

which inequality is the solution to 20+2

Answers

Answer:

is there supposed to be answer choices?

Step-by-step explanation:

Answer:

2.11

Step-by-step explanation:

In order to factor an integer, we need to repeatedly divide it by the ascending sequence of primes (2, 3, 5...).

The number of times that each prime divides the original integer becomes its exponent in the final result.

In our example,

    Prime number  to the power of  equals .

    Prime number  to the power of  equals .

the value of the 5 in the number 40.52 is _____ the value of the 5 in 115.78?​

Answers

It is the place value in the hundreds

The value of each digit in a number is known as the place value. The value of the 5 in the number 40.52 is 10 times the value of the 5 in 115.78.

What is the place value of a digit in a number?

The value of each digit in a number is known as the place value. The 5 in 350, for example, represents 5 tens, or 50, whereas the 5 in 5,006 represents 5 thousand, or 5,000. It is critical that children that while a digit can be the same, its value is determined by its position in the number.

Identification of the place value of a digit in a number:

The place values on the left of the decimal point start as ones, tens, hundreds, and so on.The place value on the right of the decimal point starts from the point and goes to the right as tenths, hundredths, and so onThe tens mean multiply by 10The tenth means the tenth part of that digit which is that digit divided by 10

The value of 5 in the given numbers can be written as,

The value of the 5 in the number 40.52 is 0.5.The value of the 5 in the number 115.78 is 5.

Now, we can write the value of the two numbers as,

5 = 0.5 × x

x = 5/0.5

x = 10

Hence, the value of the 5 in the number 40.52 is 10 times the value of the 5 in 115.78.

Learn more about the Place Value here:

https://brainly.com/question/27734142

#SPJ2

Help me please quick!

Answers

Answer:

28

Step-by-step explanation:

All angles together in the triangle are 180.

62+90+x=180

x=180-(90+62)

x=180-152

x=28

The daily temperature in the month of March in a certain city varies from a low of 24 degrees F to a high of 40 degrees F. Find a sinusoidal function to model daily temperature and sketch the graph. Let t=0 correspond to noon, when the highest temperature of the day occurs.
Please help I'm in the test. ​

Answers

Answer:

d(t)=8cos((pi/12)t)

Step-by-step explanation:

I think this is correct...

A=8 b/c 40-24=16, 16/2 = 8

B=2pi/per, 2pi/24, B = pi/12

Use distributive property to solve the problem
3 (9 - 10a) - 3a

Answers

Answer:

27- 1 = 26

Step-by-step explanation:

All even numbers
greater than two, can be written
as the sum of two prime numbers
Peter
Give three examples that show that Peter is correct.

Answers

Answer:

Step-by-step explanation:

3 + 5 = 8

7 + 11 = 18

11 + 19 = 30

what is 0.48 times 0.4

Answers

Answer:

0.193

Step-by-step explanation:

Mr. Thomas bought 12 pounds 8 ounces of flour. If he uses 4 ounces of flour for each batch of
sugar cookies, how many batches of sugar cookies can he make? (1)


Answers

Mr. Thomas can make 50 batches of sugar cookies

11 b = 5, what is a
B. 25
C, 75
D. 125

Answers

Answer:

2.2

Step-by-step explanation:

Calculate the slope look at pic. Help plz!

Answers

0 if it is parellel to the x axis then the slope is 0

A country's budget had a surplus of $250 billion in the year 2000. in 2004 , the budget had $447 billion. fund the difference between these amounts

Answers

Answer: $197 Billion

Step-by-step explanation: To find the difference between the two amounts, you simply subtract them! In this case, 447 - 250 = 197. Hope this helps!

Which ordered pair best represents the coordinates of
a point that could be the third vertex of the right
triangle?
A (5,-5)
B (-4,6)
© (-3,-6)
D (3,4)
PLS HURRY I HAVE A TEST

Answers

A because you have to have one equal positive and negative

Find o% of 176:
Find 100% of 176:
Find 50% of 176:
Find 25% of 176:
Find 75% of 176:

Answers

0
176
88
44
132
Hope this helps

A cable TV company charges $28 for the basic service plus $8 for each movie channel. Let y be the total cost
in dollars of subscribing to cable TV, using x movie channels. Find the slope-intercept form of the equation.
Look at pic

Answers

Answer:

y= 28x+8

Step-by-step explanation:

Use the slope formula to determine the slope of the line containing the two points.

(-1, -7) and (-6, -3)

A. 10/7
B. -4/5
C. -1/2
D. -5/4

Answers

the answer would be D

you take y1 - x1 and y2- x2 :)

Find QUS, given the following sets:
P = {b, d, f, g}
Q = {a, b, c, d]
R = {c, e, f, g}
S = {a, d, g}

Answers

Answer:

Q=(a,b,c,d)

S=(a,d,g)

QUS=(a,b,c,d,g) Union of set means all the elements in both set.

Choose the number that correctly completes the ratio table.

Answers

Answer:

its 8:9

Step-by-step explanation:

It would be 8 because you can see that the top row multiplies 16 by two in the exact spot where the missing number is.

calcule el cociente de los siguientes ejercicios
(-8)/(+2)​

Answers

Answer:

-4

Step-by-step explanation:

Using the equation 2 + 3/41 = 5, what does the value of I equal?

Answers

Answer:

i did't see the value I in the equation

Step-by-step explanation:

A coat at a store is originally priced at $85. The store marks the price down to $68. To the nearest percent, what is the percent markdown of the coat ?

Answers

Answer:

20%

Step-by-step explanation:

This is because the amount decreased is 17 and 17 is what percent of 85? The answer is 20%.

what is 656 ÷ 4
we need to know how to solve this equation.​

Answers

Answer: 164

Step-by-step explanation:  656 /4

164

A school staff meeting had 50 teachers in attendance, 30% of whom were first-year teachers.
How many first-year teachers were in the meeting?

Answers

Answer:

15

Step-by-step explanation:

50 times 30 over 100 you will get 15

How Many Times Done 16 go Into 78!??!!!!?!!?!??!?!?! HELP ME!!!

Answers

Answer:

4.87500

Step-by-step explanation:

hope this helps

Answer:

4.875

Step-by-step explanation:

78 divided by 16 = 4.875

​9 ×​ 10²
I NEED ANSWERS QUICK

Answers

900.


Hope this helps!

Reuben invested his savings in two investment funds. The $18,000 that he invested in Fund A returned a 5% profit. The amount that he invested in Fund B returned a 1% profit. How much did he invest in Fund B, if both funds together returned a 4% profit?

Answers

Answer:

He invested $13500 in fund A, and $4500 in Fund B

Step-by-step explanation:

maths

Write the coordinates of the vertices after a reflection across the line x=-1

Answers

Answer:

U is (0,-8)

V is (0,-10)

T is (5,-8)

S is (5,(-10)

Other Questions
llllllllllllllllllllllllllllllllllllllllll 4. Yo _ a las 8:00 p.m. Y t? please help again :,)) is it one solution, all solutions, or oneplease show your work. Describe the characteristics that are used in technical writing. A person is standing on a level floor. His head, upper torso, arms, and hands together weigh 458 N and have a center of gravity that is 1.34 m above the floor. His upper legs weigh 120 N and have a center of gravity that is 0.766 m above the floor. Finally, his lower legs and feet together weigh 89.8 N and have a center of gravity that is 0.204 m above the floor. Relative to the floor, find the location of the center of gravity for the entire body. Reuben invested his savings in two investment funds. The $18,000 that he invested in Fund A returned a 5% profit. The amount that he invested in Fund B returned a 1% profit. How much did he invest in Fund B, if both funds together returned a 4% profit? Given that R = 6x + 3yFind y when x = 2 and R = 14Give your answer as a fraction in its simplest form. Many years ago, the house had been sold to pay off the family's farming debts.This line is an example of which of the following? (1 point) aBackstory bConflict cPlot dSetting Write the coordinates of the vertices after a reflection across the line x=-1 a motorcycle is moving at a constant speed of 40 km/h. how long does it take the motorcycle to travel a distance of 10 km. PLEASE HELP!!!!! Describe in detail the process of dna replication I need help. I have no idea how to do this! The boiling point of water is 212 degrees. To make a cup of tea, water is boiled, poured into a mug with tea leaves, and set to steep for 4 minutes. In that time, the temperature of the tea reduces to 115 degrees when it is in a room that is 68 degrees. Write an equation for the cooling curve of the tea in this particular room. Round parameters to the nearest 6th decimal place. Using the equation 2 + 3/41 = 5, what does the value of I equal? the perimeter of a square is 7.2 meters how long is each side ? Calculate the slope look at pic. Help plz! Help me please ...with this 20 POINTS! Someone please answer this question; Mention 2 differences between sexual and asexual reproduction. Complete the sentences with an appropriate form of gustatory and the correct pronoun in parentheses. What does macbeth explain in his soliloquy