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

I need to know the answer quick

Answers

Answer:

v = 13

Step-by-step explanation:

Truly hope I helped fast enough:).

I rlly need this quick please and thank you

Answers

Step-by-step explanation:

2002 can be rounded to a compatible number such as 2000.

2000 / 2 = 1000.

They each received around 1000 marbles.

True or False? If a number is divisible by 10 then it must also be
divisible by 5 and 2.

Answers

Answer:

true

Step-by-step explanation:

because in order for something to be divisible by 5 it has to end in an 0 or a 5

and for something to be divisble by 2 it has to end in a even number

If the circumference of a circle is 36π, what is the length of a radius of the circle?

A. 6
B. 18
C. 36
D. 72

Answers

Answer:

The answer is 6 (A)

Step-by-step explanation:

The exact answer is 5.73, but I think in the question they are rounding to the nearest whole number, so the rounded answer is 6.

My work:

C = 2πr

r = C

2π = 36

2·π = 5.72958

A. 2x+5=23
B. x+2+5=23
C. x+x+5=23
D. 5x+2=23

Answers

Answer:

b

Step-by-step explanation:

lucky guess

Answer:

your answer is A

Step-by-step explanation:

if you look at the amount of "x's " you have , you put them together and you will get 2x and you add 5 and your answer 23...

hopefully i was helpful

Help me plz!!!!!!!!!!!!!!!!!!!!

Answers

Answer:

14 2/3

Step-by-step explanation:

.....................

Factorise 10x²+19x+6

Show working out please.

Answers

Answer:

(2x+3)(5x+2)

Step-by-step explanation:

10x²+19x+6

multiply to get 60

add to get 19

10x²+19x+6

(10x²+15x)(+4x+6)

factorise:

10x²+15x

5x(2x+3)

4x+6

2(2x+3)

(2x+3)(5x+2)

What is (5^3)6 in index form?

Answers

Answer:

5^8         MARK AS BRAIN Leist  please thank me

Step-by-step explanation:

Find the sum (5p+11)+(8p-4)

Answers

Answer:

13p + 7

Step-by-step explanation:

Combine your like terms!

Hope this helps!

Answer:
13p + 7

Explanation:
5p + 8p = 13p
11 - 4 = 7

2 5/6 years is how many months

Answers

2 5/6 years Is 34 months

Final Answer: 34 months

Steps/Reasons/Explanation:

Hey there! Each year is 12 months. We can see that 2 years is already given. 2 years × 12 months = 24 months.

For [tex]\frac{5}{6}[/tex] we will multiply it by two to find the remaining amount of months. [tex]\frac{5}{6}[/tex] × [tex]2[/tex] = [tex]\frac{10}{12}[/tex]. This means that there is an extra 10 months of a year remaining.

Now we have to add them up. 24 months + 10 months = 34 months.

~I hope I helped you :)~

1. 3(x+15)=57
2. 2(x-9)=26
3. 4(x-12)=-32
[tex]solve \: for \: x[/tex]

Answers

Step-by-step explanation:

1)3(x+15)=57

3x+45=57

3x=57-45

3x=12

x=12/3.

x=4

2)2(x-9)=26

2x-18=26

2x=26+18

2x=44

x=44/2

x=22

3)4(x-12)=-32

4x-48=-32

4x=-32+48

4x=+16(greater number sign)

x=16/4

x=4

What is the area of a circle that has a circumference of12r?
I need it now

Answers

452.16 is the answer I think

HELP MEEEE PLEASE if andrew walks 1.8 kilometers on monday night how many cm route is on the map?

Answers

Answer:

180000

Step-by-step explanation:

Each kilometer = 100,000 cm

That means 1.8 * 100,000 = 180,000 cm.

Based on your question. That should be the answer

Pls solve... will give brainliest... linear inequality

Answers

This is what I got for #3 and have attached for you!

HELP MY TEACHERS ASKING ME FOR THE ANSWER

Answers

Answer:
31. 12x + 72
32. 15x + 6
33. 16x + 20
34. Cba
35. Cba
36. 46

find the solution to following system using substitution or elimination

y = -x + 10

y = 7x + 2

A. (1,9)

B. ( 3/2 , 17/2)

C. (9,65)

D. (1, -1/7)

Answers

Answer:

the answer is (1,9)

Step-by-step explanation:

An ant crawls 10 centimeters down into an ant hole. It then crawls 2 centimeters up to the queen’s nest. How many centimeters does the ant have to crawl in order to get out of the ant hole? (Hint: Draw a diagram to help you out)
pLS ANSWER IM IN 7TH GRADE MOST OF YOU SHOULD KNOW THIS

Answers

Answer:

8

Step-by-step explanation:

10 down plus 2 up equals 8

Tim is playing a game on his computer. He missed the first 12 questions, and each question is worth 6 points. If his starting score was zero and he has not gotten any questions correct, what is Tim's score?

Answers

Answer:

Total Tim's score = 0 points

Step-by-step explanation:

Given:

Total number of question missed = 12

Each correct question mark = 6 points

Find:

Total Tim's score

Computation:

Total Tim's score = Total correct question x Each correct question mark

Total Tim's score = 0 x 6 points

Total Tim's score = 0 points

Find the slope of the line passing through the points (3, 4) and (8,-3).

Answers

Answer:

-1.4

Step-by-step explanation:

find the slope of the line through each pair of points. (9, 16) , (14, -12)

Answers

Answer:

slope = - [tex]\frac{28}{5}[/tex]

Step-by-step explanation:

Calculate the slope m using the slope formula

m = [tex]\frac{y_{2}-y_{1} }{x_{2}-x_{1} }[/tex]

with (x₁, y₁ ) = (9, 16) and (x₂, y₂ ) = (14, - 12)

m = [tex]\frac{-12-16}{14-9}[/tex] = [tex]\frac{-28}{5}[/tex] = - [tex]\frac{28}{5}[/tex]

Determine the point that is 1/4 the distance fromthe endpoint (6,24) of the segment with endpoints (-9, -18) and (6, 24).

Answers

Answer:(9/4,27/2)

Step-by-step explanation:

The perimeter of the polygon is 12 in. What is the length of side x?

Answers

Answer:

2in

Step-by-step explanation:

Since we are not given the type of polygon, let the polygon be an hexagon. An hexagon is a 6 sides shape. The perimeter of the shape will be the sum of all the sides of the polygon

Perimeter of the polygon = 6L

Length is the length of the side

Given

Perimeter of the polygon = 12in

Substitute and get L

P = 6L

12 = 6L

L = 12/6

L = 2in

Hence the length of side x of the polygon is 2in

PLSSSS HELPPPPP ASAP

Answers

D.

Perimeter is when you add and not multiple:)

ASAP plsss help quick

Answers

Answer:

1

Step-by-step explanation:

1 baby now so gummie kiss

Through which pairs of points is the slope negative? Select all that apply.
A (3,6) and (10,6)
B (-2, -5) and (0,0)
C (1,9) and (20,3)
D (-3, -1) and (3, -3)
E (16, 11) and (14,9)

Answers

Answer:

The answer is C and D

I WILL GIVE BRAINLIEST PLEASE.
After an interview, Manahil reached her home at 1305 hrs. If she stopped at the petrol station for 10 mins and then later for 25 mins at Cocochan to pick up some lunch, exactly how long was her journey?

Answers

Answer:

well i think add everything up like add 1,305 to 25 and 10 you should hopefully get your answer not quite sure what subject you are on but hope this works.

A factory is going to hire 33 new employees. There are 79 applicants. Which
choice represents the ratio of new hires to applicants?

Answers

Answer:

33:79

Step-by-step explanation:

We are told that a factory is going to hire 33 new employees.

and the total applicants is 79

In this problem, we want to represent the situation as a ratio of new hires to applicants

Since the question says  new hires to applicants

Hence, the ratio will be

33 to 79

or

33/79, we can simplify this as

33:79

An animal reserve has 20,000 elk. The population is increasing at a rate of 8% per year. This can be modeled by the function P(t) = 20,000 (1.08)^t where t represents time in years and P(t) represents the elk population. What is the estimated population of elk in 6 years?

Answers

Answer:

The answer would be 31,737 elks.

Step-by-step explanation:

You would solve this by multiplying 1.08 by the power of 6 which equals 1.586874322944. You would then multiply this number by 20,000 which equals 31,737.4865 but since you can’t have .4865 of an elk the answer is just 31,737.

I hope this helps

20z-8 please helpppp

Answers

Answer:  4(5z−2)

Step-by-step explanation: Brainliest pls

which story represents the graph below

Answers

a a car accelerates, then maintains its speed before speeding up again

The option that u pick is right because in the first one it’s says “slowly” and as u can see it was not slowly
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