Mr. Townes created a 2-foot wide garden path around a circular garden. The radius of the garden is 7 feet. He wants to cover the
path in stones. If Mr. Townes needs 1 bag of stones for every 5 square feet of path, how many bags of stones will he need 5o cover his garden path?
1 answer:
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Answer:
The total amount due for purchasing the new home comes to $838,014.72
Step-by-step explanation:
Provided are:
The price set for the new house is $256,000
The down payment intended is 30% of the house price
Therefore, the down payment totals = 30% of $256,000
i.e. The down payment equals to × 256000
Or, The down payment price computes to $76,800
Next, the remaining amount is financed
Thus, The financing amount is p = $256000 - $76800 = $179,200
The interest rate applied = r = 7.5%
The duration for financing = t = 20 years
Let The Amount after 20 years of financing be $A
Let the overall sum payable for the new home = $B
Using Compound Interest
Amount = Principal ×
Or, A = p ×
Or, A = $179,200 ×
Or, A = $179,200 ×
Or, A = $179,200 × 4.24785
∴ A = $761,214.72
Therefore,The Amount to be paid after 20 years of financing = A = $761,214.72
Subsequently
The final amount to be paid for the new home = Down payment total + The Amount to be paid after 20 years of financing
Or, B = $76,800 + A
Or, B = $76,800 + $761,214.72
Or, B = $838,014.72
Therefore, the overall amount due for the new home is rounded to $838,014.72 Answer