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erica
1 month ago
15

Demarco and Tanya have received information about three separate mortgage offers. In two or three paragraphs, describe your reco

mmendation for the best financial choice in their situation. Evaluate each of the three offers, compare and contrast their effectiveness, and explain the offer that works best. As you explain your answer, support it using reasons and evidence from the calculations you made based on the information provided in this guide.
Mathematics
1 answer:
babunello [11.8K]1 month ago
6 0

Answer:

The best mortgage option for them is (3).

Step-by-step explanation:

Mortgage offers (1) and (2) are similar since Damarco and Tanya's down payment of $34,000 (20% of the purchase price) requires them to pay interest over 30 years for both scenarios. Although option (1) entails approximately $750 monthly payments and option (2) requires about $9,000 annually, the total payments are quite comparable as option (2)'s interest rate, starting at 3.5%, could potentially rise but is unlikely to exceed 5%, while option (1) maintains a fixed annual interest rate of 4.25%.

Option (3), however, demands interest payments for only 8 years at a relatively lower annual rate of 4%. If they commit to $18,000 annually with a $34,000 down payment and repay the remaining balance (under $35,000) at the end of 8 years, it leads to the lowest total payment and quickest mortgage clearance among the three options. Therefore, this choice aligns best with their financial objectives.

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Let y represent the gallons of water left in the barrel, and let x represent the minutes that have passed. Water escapes the barrel at a rate of 1 gallon for every 10 minutes. Consequently, the appropriate linear equation for this scenario is shown in the attached graph.
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Shannon rolls 2 fair dice and adds the results from each. Work out the probability of getting a total of 13.
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10 times as many as blank hundreds or 60 hundreds is blank thousands
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The result of multiplying 10 by 6 hundreds equals 60 hundreds, which can also be expressed as 6 thousands.

Explanation

This can be simplified as follows:

  • 10 times a given quantity of _____ hundreds results in 60 hundreds
  • 60 hundreds convert to _____ thousands

We will divide this into two segments:

\boxed{ \ 10 \times (N \times 100) = 60 \times 100 \ }... Equation-1

\boxed{ \ 60 \times 100) = M \times 1,000 \ }... Equation-2

This straightforward multiplication relates to the place value system. We need to perform calculations to find the values of N and M.

Initially, let's focus on Equation-1.

We will move the variable M to one side of the equation in order to isolate it and solve for its value.

\boxed{ \ 10 \times (N \times 100) = 60 \times 100 \ }

\boxed{ \ 1,000 \times N = 6,000 \ }

Both parts will be divided by 1,000, essentially being multiplied by \frac{1}{1,000}.

\boxed{ \ \frac{1}{1,000} \times 1,000 \times N = \frac{1}{1,000} \times 6,000 \ }

Thus, we conclude with \boxed{\boxed{ \ N = 6 \ }}

Next, we process Equation-2 to derive M's value.

\boxed{ \ 60 \times 100) = M \times 1,000 \ }

\boxed{ \ 6,000 = M \times 1,000 \ }

Rearranging this equation to place M on the left side appears as follows:

\boxed{ \ M \times 1,000 = 6,000 \ }

Again, both sides undergo division by 1,000, which translates to multiplication by \frac{1}{1,000}..

\boxed{ \ \frac{1}{1,000} \times M \times 1,000 = \frac{1}{1,000} \times 6,000 \ }

This results in \boxed{\boxed{ \ M = 6 \ }}

- - - - - - -

Alternative approach for the second step:

60 hundreds equals to __ thousands

\boxed{ \ 6 \times 10 \ hundreds = \ M \ thousands} \ }

\boxed{ \ 6 \times thousands = \ M \ thousands} \ }

\boxed{\boxed{ \ M = 6 \ }}

Additional resources

  1. A more detailed version of this topic
  2. 2 thousands 7 tens divided by 10 equals what?
  3. 100 is equivalent to 1/10 of which number?

Keywords: 10 times as many as, blank, hundreds, 60 hundreds, or, thousands, isolate, operations, multiply, divide, fraction, both sides, equal, the opposite, both sides are multiplied by, divided by, rearrange

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