MathMaster logo

MathMaster

  1. Home
  2. general
  3. you bought a house with a 432349 mortgage that you will pay off over 25 years given your credit score your interest rate i
Question

You bought a house with a $432349 mortgage that you will pay off over 25 years. Given your credit score, your interest rate is 6.44%. What is your monthly payment? Answer:

125

likes
626 views

Answer to a math question You bought a house with a $432349 mortgage that you will pay off over 25 years. Given your credit score, your interest rate is 6.44%. What is your monthly payment? Answer:

Expert avatar
Clarabelle
4.7
83 Answers
P = 432349 \\ r = \frac{6.44}{100 \times 12} = 0.005367 \\ n = 25 \times 12 = 300 \\M = P \frac{r (1+r)^n}{(1+r)^n - 1} \\ M = 432349 \frac{0.005367 (1 + 0.005367)^{300}}{(1 + 0.005367)^{300} - 1} \\ M \approx 432349 \frac{0.005367 \times 5.59432}{5.59432 - 1} \\ M \approx 432349 \frac{0.030} {4.59432} \\ M \approx 2873.53

Answer: M=\$2903.06

Frequently asked questions (FAQs)
What is the graph of y = log(x) when x is in the range [1, 10]?
+
How many different ways can a committee of 5 be formed from a group of 10 people?
+
Math question: What is the unit vector in the direction of the vector (3, -4)?
+
New questions in Mathematics
How much volume of water in MegaLiters (ML) is required to irrigate 30 Hectare crop area with depth of 20mm?
given cos26=k find cos13
Pedro bought 9 kg of sugar at the price of R$1.80 per kilogram, six packets of coffee at the price of R$3.90 per packet and 8 kg of rice at the price of R$2.70 per kilogram. Knowing that he paid for the purchases with a R$100.00 bill, how much change did he receive?
If L = (-2, -5) is reflected across y= -4 , what are the coordinates of L?
math question a bookstore announces a promotion valid for the same purchase as follows: buy a book and get 10% off the total purchase! buy two books and get 20% off your total purchase! buy three or more books and get 30% off your total purchase! Marcelo wanted to buy three books that cost 20.00 each without discount but he decided to buy two books in one day and another purchase with the third book the next day. If he had bought the three books at once he would have saved the following amount.
2.5 / 21.85
Suppose X has a Poisson distribution, with a mean of 0.4. Determine the probability that x is at most 2.
4x567
9b^2-6b-5
There are 162 students enrolled in the basic mathematics course. If the number of women is 8 times the number of men, how many women are there in the basic mathematics course?
4. Show that if n is any integer, then n^2 3n 5 is an odd integer
There were no defectives in a sample of 1 light bulb does this sample provide sufficient evidence that in the warehouse with millions of light bulbs fewer than 10% are defective?
(24, -7) is on the terminal arm of an angle in standard position. Determine the exact values of the primary trigonometric functions.
calculate the area in square units of A rectangle with length 6cm and breadth 5cm
During a fishing trip Alex notices that the height h of the tide (in metres) is given by h=1−(1/2)*cos(πt/6) where t is measued in hours from the start of the trip. (a) Enter the exact value of h at the start of the trip in the box below.
89, ÷ 10
Equine infectious anemia (EIA) is considered the main infectious disease in Brazilian equine farming, for which there is no effective vaccine or treatment. It is caused by a retrovirus of the genus Lentivirus, which affects horses, donkeys and mules and is transmitted in nature mainly by hematophagous insects of the genus Tabanidae. Researchers analyzed the records of 9,439 equids from Acre, submitted to the agar gel immunodiffusion test (AGID) for equine infectious anemia (EIA), between 1986 and 1996. Of these, 6199 tested positive for equine infectious anemia (EIA) . Knowing that the age of AIE-positive horses follows a Normal distribution with a mean of 5 years and a standard deviation of 1.5 years, determine the expected number of AIE-positive horses in the Acre sample that will be aged less than or equal to 3 years. ATTENTION: Provide the answer to exactly FOUR decimal places.
The question is using rule 72 determine Kari wants to save 10,000 for a down payment on a house. Illustrate the difference in years it will take her to double her current 5,000 savings based on 6%, 12% and 18% interest rate .
Jasminder has made 55% of the recipes in a particular cookbook. If there are 9 recipes that he has never made, how many recipes does the cookbook contain?
A hardware bill totals $857.63 with discounts of 5% and 3%. What is the net cost of the Material ?

You might be interested in