1. A mortgage of $200,000 requires payments of $1395.40 per month at 5.7% compounded quarterly. How long will it take to repay the loan? What amount of interest
does the purchase pay?

a) How long will it take to repay the loan?

20 years

b) What amount of interest does the purchase pay?

$134,896

Step-by-step explanation:

a) How long will it take to repay the loan?

In the above question, they are asking you for the Loan duration

The Formula for Loan duration(T) =

ln (- m/(r÷n) × C - m)/In (1 + r/n)

Where:

m = monthly payments = $1395.40

C = Amount of mortgage =$200,000

r = Interest rate = 5.7% = 0.57

n = compounded quarterly = 4

T = ln (- 1395.40/(0.57÷4) × 200,000 - 1395.40)/In (1 + 0.57/4)

T = 20 years.

Therefore, it will take 20 years to repay the Loan.

b) What amount of interest does the purchase pay?

The total number of payments =

Loan duration × Number of months

Number of months = 12 months( because it is monthly payment)

Loan duration = 20 years

Total number of payments = 240 payments.

In the question, we are given the amount paid monthly payment as

$1,395.40

Total amount paid = Monthly payments × Total number of payments

= $1,395.40 × 240

= $334,896

The amount of Interest the purchase pay = $334,896 - $200,000

= $134,896

i think it would be 43 movies that would have to be watched.

step-by-step explanation:

think about it. for the second plan, every month is 8 dollars. 8 x 12= 96. so thats the number for the second plan. now for the first plan, its annual meaning you have to pay 10 dollars every year. so now you have to get an equivalent amount of 86 since 96-10=86. 86 divided by 2 since every movie costs 2$ then you would have to watch 43 movies a year to get the same as the second plan. i really hoped this . have a wonderful day as well!

answer: a. 13/44

step-by-step explanation: judging by the information given to us, we are looking for experimental probability. we can see that 13 males have chosen chocolate ice cream. there are 44 ice creams in total (remember that the total is always the denominator). so our answer is 13/44.