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:

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Related Questions

:((((((((((((( i need help

Answers

Answer:

5d

Step-by-step explanation:

Every member pays 5 dollars. So the number will multiply by 5 everytime a member pays.

Help with this one also

Answers

Answer:

7(2c + 15) = 14c + 7.15 = 14c + 105

Answer: 14c + 105

Step-by-step explanation:

Find the value of x.
х
28
45
x=
[?]

Answers

Answer:

x=53

Step-by-step explanation:

One way to solve this problem is by using the Pythagorean Theorem.

This states that the square of one "leg" of the triangle plus the square of the other "leg" of the triangle would equal the square of the hypotenuse,  or the longest side of a triangle. Keep in mind that this only works for right triangles, where one angle  is exactly 90 degrees.

This formula can be written as: a^2 + b^2 =  c^2, where a and b are the legs and c is the hypotenuse.

So, for this problem, let a=28, and b=45.

This gives us: 28^2 + 45^2 = x^2

And we can simplify this to: 2809 = x^2

Taking the square root of both sides gives us the answer,  that x=53 units.

Hope this helps!

How many bottles are needed to hold 3.5 liters of juice?

Answers

7 bottles i believe, not rlly sure

Sarah has just received a box of chocolates from a dear friend. Her friend tells her that inside the box there are two kinds of chocolate: milk and dark. There are more milk chocolates than dark chocolates. Subtracting the number of dark chocolates from the number of milk chocolates gives 5 as an answer. The number of milk chocolates is twice that of dark chocolates. How many dark chocolates are there?

Answers

The answer would be 15

2.4= -5y + 14.9. Solve for y​

Answers


2.4=-5y+14.9

We move all terms to the left:

2.4-(-5y+14.9)=0

We get rid of parentheses

5y-14.9+2.4=0

We add all the numbers together, and all the variables

5y-12.5=0

We move all terms containing y to the left, all other terms to the right

5y=12.5

y=12.5/5

y=2+2.5/5

Y=2.5

The length of a rectangle is 15 centimeters and the width is 8 centimeters. Which is the perimeter of the rectangle?

Answers

Perimeter is all outside lengths added up. So 8+8=16. 15+15=30
16+30= 46.

System of inequalities
ASAP I ONLY HAVE 15 MINS WILLING TO GIVE 20 POINTS

Answers

Answer:

y > x - 4

x > 3

Step-by-step explanation:

The system of inequalities need to represent the overlapped, black area, so you need to write an inequality for each of the two lines shown.

To find out whether you should be using a >, <, ≤, or ≥, identify on the graph first:

The vertical line is shaded to the right of the line. The line is also dashed, so it should be a >.

The sloped line is shaded above the line. The line is also dashed, so it should be a >.

Then, find the slopes of the lines.

Refer to the sloped line as Line 1 and the vertical line as Line 2.

The slope of Line 1 is 1. It's y-intercept (where the line crosses the y-axis) is -4.

So: y = x - 4

Replace the = with >.

y > x - 4

Line 2 is unidentified, so you can see that it's x = 3. Replace the = with >.

x > 3

You can always check by plugging in a point from the overlapped area, like (4, 1).

(4, 1)

y > x - 4

1 > 4 - 4

1 > 0

x > 3

4 > 3

These statements are true.

The chandlers are moving across the country. Mr.Chandler leaves 3.5 before Mrs. Chandler. If he averages 80 mph and she averages 90 mph, how many hours will it take Mrs. Chandler to catch up to Mr. Chandler?

Answers

Answer:

ghehejdskjkdskjdkjfsd

Step-by-step explanation:

Answer:

Step-by-step explanation:

90t=80(t+3.5) expand right side

90t=80t+280 subtract 80t from both sides

10t=280 divide both sides by 10

t=28 hours

Is it similar to BAK??

Answers

Answer:

No

Step-by-step explanation:

If we add up numbers in one line segment like 15+25 and 10+6 we do not get multiples so the triangle GYK is not similar to BAK

Mark Me As A Brainliest

Answer: I believe it isn’t I used the Pythagorean theorem

Which is a better deal on a $10 item:

50% off or 10% off and then another 40% off? Explain your answer.

Answers

50% off. You only have to pay $5. If you do 10% off one time you have to pay $9 and then the next time you get 40% off, you’d have to pay $6.

Unless I completely misunderstood, 50% should be better. If it’s 40% off + 10% then it will be 50% and therefore both of them are equal deals and both good.

A recipe for sparkling apple juice calls for 3 quarts of sparkling water and 2 quarts of apple juice. How much sparkling water would you need to mix with 8 quarts of apple juice? (NC.7.RP.1) *

Answers

Answer:

Step-by-step explanation:

12

Turn this improper fraction in mixed numbers.23/7​

Answers

Answer:

3  2 /7

Step-by-step explanation:

Divide using long division. The whole number portion will be the number of times the denominator of the original fraction divides evenly into the numerator of the original fraction, and the fraction portion of the mixed number will be the remainder of the original fraction division over the denominator of the original fraction.

Write the expression 17 4/3 using radicals :)

Answers

Convert to radical form using the formula
a
x
n
=
n

a
x
a
x
n
=
a
x
n
.
Exact Form:
3

17
4
17
4
3
Decimal Form:
43.71178704
I’m so sorry it won’t let me type it right on my phone but hope this helps

The expression can be expressed as radicals in terms of [tex]\mathbf{\sqrt[3]{17^4} }[/tex]

A radical expression is an expression that can be written in square root form. It is an opposite form of an exponent and its power determines the root in which it is been evaluated.

Here, we are given:

[tex]\mathbf{\implies 17^{^\dfrac{4}{3}}}[/tex]

The denominator in the power will be the root of the expression given, since it is 3 it will be the cube root raised to the power of 4.

[tex]\mathbf{\implies \sqrt[3]{17^4} }[/tex]

Learn more about radical expressions here:

https://brainly.com/question/1810591?referrer=searchResults

In a survey of 100 people, 10 preferred onions on their hot dogs. What percent preferred onions?

Answers

1/10 if you divide 10 by 100 it would be 1/10

what is 1'000+686+754​

Answers

Answer:

2440

Step-by-step explanation:

1,000+686 =

1,686

1686+ 754

= 2440

Solve the system of functions below:
-9x = (-2x^2)-4-y
x = (-y+6)/3

Answers

Point Form:

(1,3) (5,-9)

Equation Form:

x=1 y=3

x=5 y=-9

solve for the first variable in one of the equations, then substitute the result into the other equation.

Which is Q=200p/L solved for p

Answers

Answer:

P = QL/200

Step-by-step explanation:

Answer:
P= QL/200
Step by step explanation:

Kiemanh is solving the equation 15 r minus 6 r = 36. What is the value of r?

Answers

Answer:

4

Step-by-step explanation:

combine like terms 15r-6r=9

9=36

divide both sides by 9

=4

There were 22,180 seats in a stadium. There are 85 sections with an equal number of seats in each and the remaining seats are floor level. How many seats are on the floor?

Answers

The number of seats in the floor is 80.

Answer:

Step-by-step explanation:

There are multiple solutions.

If each section has n seats, the floor has 22,180-85n seats.

22,180/85 ≅ 260.9, so each section has at most 260 seats.

If each section has 260 seats, the floor has 22,180-85×260 = 80.

Can isosceles triangles be an equilateral triangle?

Answers

Answer:

IT CAN BE

Step-by-step explanation:

BECAUSE ISOSCELES TRIANGLE IS A TRIANGLE WITH 2 SIDES EQUAL....

EQUILATERAL TRIANGLE HAS ALL SIDES AND ANGLES EQUAL, so equilateral triangle also has 2 sides equal

Answer:

no it is not can you look at your coments

For this exponential function what is the output value (y) when the input value (c) is 3?

Answers

Answer:

y = 40

Step-by-step explanation:

Given, y = 5 * 2^x

If x = 3, y would be:

Substitute the value of x into the given function.

Thus,

y = 5*2³

y = 5*8

y = 40

a pack of 6 cans cost $12 how much will 15 cans of coffee cost

Answers

Answer:

30$ for 15 cans of coffee.

Step-by-step explanation:

$12 for 6 cans of coffee

12 divided by 6 = 2

$2 per can of coffee

15 cans of coffee times $2 = 30$

Hope this helps

what is the definition of PEMDAS as it applies to 56(56^4)4+6

Answers

Answer:

pemdas

Step-by-step explanation: pemdas means please excuse my dear aunt sally meaning paranthesiss multiplication division addition and subtraction ^^ tell me if you want more definiton

Complete the table for y=1/5x+1 and graph the resulting line

Answers

Sorry this is really sloppy but hope this helps!

Answer:

x=-5 y=0

x=0 y=1

x=5 y=2

x=10 y=3

Glen needs to select the shortest length nail available to build a small bird house. Of the following for sizes available which one should he select: A) 1 3/5 inches B) 1 5/8 inches C) 1 2/3 inches D) 1 3/4 inches

Answers

Answer:

B) 1  7/8

Step-by-step explanation:

1. first, if you have 16/8 then it would be 2, but since it is 15/8 you need to minus 15 and 8

2. 15-8=7, now you only have 7

3. last, since you only have 7 then it is 1 whole and 7 8ths

4. 1  7/8 is your answer.

If segment AB is 28, then segment AD is___?

Answers

Answer:

C. 14

Step-by-step explanation:

The whole side is 28 (AB), so AD must be half of AB. 28/2=14

An equation is shown.
30
+
100
o
Use the Add Point tool to show
the value of b on the number
line.

Answers

Answer:

130

Step-by-step explanation:

add 30 to 100 by removing the zeros in 100 and put 30 next to the 1

your welcome

Is it - or + 60 plz help me

Answers

+60 two negatives equal a positive

A mistake was made in the steps shown to simplify the expression. Which step includes the mistake?
9/2+ 3(4 – 1) – 7 + 23
Step 1: = 9/2+ 3(3) — 7 + 23
Step 2: = 9/2 + 3(3) - 7 + 8
Step 3: =15/2 (3) — 7+8
Step 4: =45/2 - 7+8
Step 5: =31/2 +8
Step 6: =47/2

Answers

step 2 how did the 8 get there?

Answer: step 3 maybe?

Step-by-step explanation:

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