26.09.2020

# Question 1 - Tom wishes to purchase a property that has been valued at \$300,000. He has 25% of this amount available as a cash deposit and will require a mortgage for the remaining amount. The bank offers him a 25-year mortgage at 2% interest. Calculate his monthly payments. Round your answer to the nearest cent. Do NOT round until you have calculated the final answer. Question 2 - If Bobby takes out a mortgage for 30 years at an interest rate of 4% and his monthly repayments are \$835.48, what is the principal loan amount? Round your answer to the nearest ten dollars. Do NOT round until you have calculated the final answer. Question 3 - Ryan wishes to purchase a new boat and can afford monthly payments of up to \$900 per month. Finance is available, and the terms are that the loan lasts for 8 years and the annual interest rate is 10%. What is the maximum price for a boat that Ryan's budget can afford? Round your answer to the nearest hundred dollars. Do NOT round until you have calculated the final answer.

1

01.10.2023, solved by verified expert

1. \$963.96

Step-by-step explanation:

Note - Since you have given multiple questions to solve, I will solve the first question for you. To get any particular question solved, please specify the question.

1)

To calculate Tom's monthly mortgage payments, we can use the formula for a fixed-rate mortgage payment, which is:

M = P.r.(1+r)^n / [ (1+r)^n - 1]

Where:

M is the monthly payment

P is the principal amount (the remaining property value after the deposit)

r is the monthly interest rate (annual interest rate divided by 12 months)

n is the total number of payments (number of years multiplied by 12 months)

Given:

Property value (P) after the deposit: \$300,000 - (0.25 * \$300,000) = \$225,000

Annual interest rate (r): 2%

Number of years (n): 25 years

First, calculate the monthly interest rate (r) by dividing the annual interest rate by 12:

r=2% / 12 ​=0.02/12=0.001667

Next, calculate the total number of payments (n):

n=25 years×12 months/year=300 monthsn=25 years×12 months/year=300 months

Now, plug these values into the mortgage payment formula:

M=\$225,000 x 0.001667x (1+0.001667)^300​  / [(1+0.001667)^300−1]

Calculating this expression will give us Tom's monthly mortgage payment: M≈\$963.96

So, Tom's monthly mortgage payment will be approximately \$963.96 when rounded to the nearest cent.

### Faq

Mathematics

SI=(P*R*T)/100

P=2000

R=1.5

T=6

SI=(2000*1.5*6)/100

=(2000*9)/100

=180

Neil will earn interest of 180

Mathematics

Cost of 7 gallons=\$24.50

Cost of 1 gallon=24.50/7=3.5

Cost of 15 gallons=15*3.5=52.5

Cost of 15 gallons will be \$52.5

Mathematics

The answer is in the image

Mathematics

The answer is in the image

Mathematics

F=ma

where F=force

m=mass

a=acceleration

Here,

F=4300

a=3.3m/s2

m=F/a

=4300/3.3

=1303.03kg

Approximately it is aqual to 1300kg

Mathematics

The answer is in the image

Mathematics

The answer is in the image

Mathematics

Salesperson will make 6% of 1800

=(6/100)*1800

=108

Salesperson will make \$108 in \$1800 sales

Mathematics

The answer is in the image

Mathematics

tip=18% of 75.45

=18/100 * 75.45 = \$13.581

Tip = \$13.581

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