Tom Alloy found a house in Fargo, ND to purchase as an investment. He purchased it for $269,900 and took out a 20 year mortgage loan. If his monthly payments are $2175.40, at what rate did he get their mortgage loan for?

Use the a google mortgage calculator:
Tim and Faith McGros just found the perfect place for their family. The ranch is selling for $650,025. They saved up enough to make a 15% down payment and finance the rest at 4.2% for 30 years with a mortgage loan. What is the Selling Price of the House? How much will their monthly payments be?

the solution of the equation is 2.23 ⇒ answer b

step-by-step explanation:

* lets revise the meaning of exponential function

- the form of the exponential function is y = ab^x, where a ≠ 0, b > 0 ,  

  b ≠ 1, and x is any real number

- it has a constant base b

- it has a variable exponent x

- to solve an exponential equation, take the log or ln of both sides,  

  and solve for the variable

* lets solve the problem

∵

- the base is 7 and the exponent is x

- insert ㏑ in both sides

∴

- use the rule

∴ x ㏑(7) = ㏑(77)

- to find x divide both sides by ㏑(7)

∴

* the solution of the equation is 2.23 to the nearest 2 decimal places

the answer is a. q=6,r=6√2

step-by-step explanation: