shantyg519 shantyg519

Today at 5:40 PM
Mathematics

Answered

Suppose you make monthly mortgage payments of $1,345 and have 10 years left on the mortgage (next payment due next month). Assuming a 3.6% stated annual interest rate for the mortgage, how much would you need today to pay off the mortgage?

Answer :

rafikiedu08 rafikiedu08

Today at 5:46 PM

I will need $1,61,884.2 to pay off the mortgage.

This problem is related to simple interest and we have to calculate the amount after 10 years which is payable in the form of mortgage.

The monthly mortgage payment is $1,345.

Rate of interest is 3.6% per annum.

Time is given to be 10 years.

Simple interest for 10 years = 1345×3.6×10/100

= $ 484.2

So, the total money required to clear the mortgage

= $(1345×12×10) + $ 484.2

= $161400 + $484.2

= $ 1,61,884.2

To learn more about Simple Interest visit the link:

https://brainly.com/question/25845758

#SPJ9

Answer Link

Other Questions

A ball is projected horizontally off of a 150 ft cliff at 50 ft/s and it lands at point C. If wind is blowing horizontally to give the ball a constant x compone

Roll over each consumer behavior purchase scenario, determine which situational influence is described, and then drop it onto the correct spot within the graphi

If the real GDP is approximately 900 billion and the population is about 50 million people, the real GDP per capita would be: A) 18000 B) 18,000,000,000,000 C)

Triangle MNO is dilated by a scale factor of 7 to create triangle M'N'O'. If the area of triangle MNO is x square units, what is the area in square units of tri

The finance manager wants to prepare a cash budget until June 2024. The finance manager has received the following information from the marketing and operations

'र' के रूपों और 'ऋ' ध्वनि से युक्त शब्दों को लिखिए-1.ii.iv.

Please solve and complete this table. The question is from Ch-Production Function of Microeconomics Class 11.

2 + 2 / 2 = answer plz

name the Father of plastic surgery?

फूलों की आत्मकथा विषय पर एक निबंध लिखें। शब्द संख्या लगभग 200 शब्दplz ans to get marked brainlist

Which SQL statement will search for two or three consecutive 'r' characters in the comments field of the message table?1. SELECT * FROM message WHERE comments L

Which of the following is a form of nonverbal communication? 1. noise2. articulation3. space4. inflection

What is conducting pcaob inspections? A) AICPA's public oversight boardB) Multiple choiceC) A different public accounting firmD) The firm being inspected

Suppose an iso-profit line is given to be x y = 10. Which of the following represents another iso-profit line for the same scenario?1) 2x y = 202) x y = 53) 3x

What is the technique of advance in which one element moves while being supported by another element, with a separate and distinct mission assigned to each elem

The people in a location were exposed to harmful radiation while mining uranium. The government agreed to give them compensation if they could show certificates

How can a punnet square be used to show the genotypes of all possible children produced by a couple with the oca2 and gey gene loci? 1. Use a punnet square to d

If the Wronskian w of f and g is 8t2e8t, and if f(t) = t, what is g(t)? (use c for the constant of integration).a) g(t) = ce⁻8tb) g(t) = c/tc) g(t) = c(e⁻8t + 8

What are the vector and parametric equations for the line through the point p(1, 4, 4) and orthogonal to the plane, 1) The vector equation is r = <1, 4, 4> + t<

Write a program that reads a number and prints whether it is zero, even, or has a single digit (positive or negative).1) The number is zero2) The number is even