answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Bad White
2 months ago
15

John Anderson bought a home with a 10.5% adjustable rate mortgage for 30 years. He paid $9.99 monthly per thousand on his origin

al loan. At the end of 5 years, he owes the bank $55,000. Now that interest rates have gone up to 12.5%, the bank will renew the mortgage at this rate or John can pay $55,000. John decides to renew and will now pay $10.68 monthly per thousand on his loan. (You can ignore the small amount of principal that has been paid.) What is the amount of the old monthly payment? What is the amount of the new monthly payment? What is the percent of increase in his new monthly payment?
Mathematics
2 answers:
zzz [12.3K]2 months ago
8 0

Answer:

Initially, the mortgage required a payment of $9.99 for each $1,000 borrowed, leading to a total monthly payment calculated as $9.99 x ($55,000 / $1,000) = $9.99 x 55 = $549.45

For the new mortgage, the payment is set at $10.68 per each $1,000, which gives a total monthly payment of $10.68 x ($55,000 / $1,000) = $10.68 x 55 = $587.40

The percentage increase can be calculated as [($587.40 / $549.45) - 1] x 100 = 6.91%

tester [12.3K]2 months ago
6 0
Previous
9.99×55
=549.45
Current
10.68×55
=587.4

((10.68÷9.99)−1)×100
=6.9%
You might be interested in
Sal is trying to determine which cell phone and service plan to buy for his mother. The first phone costs $100 and $55 per month
AnnZ [12381]

Answer:

a) The first inequality is 100 + 55x > 150 + 51x;

b) The final inequality results in x > 12.5

c) Sal's mother will need to use the second phone for at least 13 months.

Step-by-step explanation:

a) Let x represent the number of months.

1. The first phone is priced at $100, with a monthly fee of $55 for unlimited use, leading to a total cost of $(100 + 55x) for x months.

2. The second phone costs $150 with a monthly fee of $51 for unlimited use, resulting in a total of $(150 + 51x) for x months.

3. For the second phone to be cheaper, we set up the inequality:

150 + 51x < 100 + 55x

which simplifies to

100 + 55x > 150 + 51x

b) Now solve this:

55x - 51x > 150 - 100

4x > 50

so x > 12.5

c) This means Sal's mother has to retain the second phone for at least 13 months (since x > 12.5).

8 0
3 months ago
Read 2 more answers
A coordinate grid with 2 lines. The first line is labeled y equals negative StartFraction 7 over 4 EndFraction x plus StartFract
AnnZ [12381]

Answer:

1) (2.2, -1.4)

2) (1.33, 1)

Detailed solution:

Question 1)

We are provided with two linear equations representing lines, and we need to find the intersection point that solves the system.

The lines given are:

Line 1 equation:

y=\frac{-7}{4}x+\frac{5}{2}

This line passes through points (0, 2.5) and (2.2, -1.4).

Line 2 equation:

y=\frac{3}{4}x-3

The second line goes through (0, -3) and (2.2, -1.4).

According to the graph and data, the solution to the system is the coordinate where both lines intersect.

The solution to a system of linear equations is the coordinate pair common to both lines, i.e., the intersection point.

Here, both lines share the point (2.2, -1.4), indicating it is their intersection and the solution.

Therefore, the solution for question 1 is (2.2, -1.4).

Question 2)

The equations given are:

y = 1.5x - 1               Equation 1

y = 1                           Equation 2

The method of substitution can be used to find the solution.

Replacing y from Equation 2 into Equation 1 gives:

1 = 1.5x - 1

Add 1 to both sides:

2 = 1.5x

Dividing both sides by 1.5 yields:

x = 2/1.5

x = 1.33

y = 1

Thus, the solution of the system is (1.33, 1).

5 0
3 months ago
Read 2 more answers
The Spirit Team will be selling popcorn as a fundraiser at the next basketball game to earn funds to go to Orlando for a competi
zzz [12365]

Response:1 and 2

Step-by-step Explanation:

Provided data

Volume required V=220\ in.^3

For the initial cylinder

r=3\ in.

h=4\ in.

V=\pi r^2h

V_1=\pi (3)^2(4)

V_1=113.11\ in^3

For the second cylinder

r=4\ in.

h=4\ in.

V=\pi r^2h

V_2=\pi (4)^2(4)

V_2=201.08\ in^3

For the third cylinder

r=9\ in.

h=9\ in.

V=\pi r^2h

V_3=\pi (9)^2(9)

V_3=2290.51\ in^3

For the fourth cylinder

r=4\ in.

h=9\ in.

V=\pi r^2h

V_4=\pi (4)^2(9)

V_4=452.448\ in^3

Thus, cylinders 1 and 2 meet the requirement as they remain under 220\ in.^3

3 0
3 months ago
What’s the x value of PR=9x-31 and QR=43?
AnnZ [12381]

Reducing

9x + -31 = 43

Rearranging the components:

-31 + 9x = 43

Finding the solution

-31 + 9x = 43

Isolating the variable 'x'.

Shift all terms with x to one side,

Add '31' to both sides of the equation.

0 + 31 + 9x = 43 + 31

Summing up similar items:

-31 + 31 = 0

0 + 9x = 43 + 31

9x = 43 + 31

Summing similar items:

43 + 31 = 74

9x = 74

Split each side by '9'

x = 8.222222222

Simplifying

x = 8.222222222

6 0
3 months ago
Read 2 more answers
Other questions:
  • Anna draws an angle in her notebook. in how many points do the rays intersect?
    15·2 answers
  • Brett colors 25% of the total shapes on his paper he colors 6 shapes enter the total number of shapes on bretts paper
    12·2 answers
  • 22.Island A is 160 miles from island B. A ship captain travels 170 miles from island A and then finds that he is off course and
    7·1 answer
  • A periscope is 5 feet above the surface of the ocean. Through it can be seen a ship that rises to 50 feet above the water. To th
    7·1 answer
  • It is known that Ray AP bisects angle CAT. If m&lt;CAT = 5x+17 and m&lt;PAT = 3x-4, then determine the value of x.​
    8·1 answer
  • Problem A fruit stand has to decide what to charge for their produce. They need \$10$10dollar sign, 10 for 444 apples and 444 or
    13·2 answers
  • Which expression is equivalent to (2g^5)^3/(4h^2)^3
    11·2 answers
  • Z^5=-7776i
    13·1 answer
  • What is the following simplified product? Assume x greater-than-or-equal-to 0 (StartRoot 10 x Superscript 4 Baseline EndRoot min
    10·1 answer
  • The manager of an industrial plant is planning to buy a new machine. For each day’s operation, the number of repairs X, that the
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!