Mathematics, 15.01.2020 03:31 KariSupreme

Without buying points, a monthly mortgage payment will be $958. buying 1 point at closing would reduce the payment to $948.75. if each point costs $1000.00, rounded to the nearest year, how long would it take to break even by buying 1 point

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Answer from: ella3714

It would take $\boxed{\bf 9\text{\bf years}}$ to broke even by buying point.

Further explanation

Given:

A Monthly mortgage payment will be $\$958$ without buying points and monthly mortgage payment will be reducing to $\$948.75$ buying point.

This implies that the monthly mortgage payment decreases by buying point.

Subtract $\948.75$ from $\958$ .

$\boxed{958-948.75=9.25}$

From the above calculation it is concluded that after buying point the monthly mortgage payment reduces by $\$9.25$ .

The amount by which the yearly mortgage payment decreases is calculated as follows:

$\boxed{12\times 9.25=111}$

It is given that the cost of point is $\$1000$ .

The required number of years to break even by buying point is calculated as follows:

$\fbox{\begin\\\ \begin{aligned}n&=\dfrac{1000}{111}\\&=9.009\\ &\approx9\end{aligned}\\\end{minispace}}$

Therefore, it would take $\boxed{\bf 9\text{\bf years}}$ to break even by buying point.

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Answer details:

Grade: Middle school

Subject: Mathematics

Chapter: Ratio and proportion

Keywords: Monthly payment, buying points, ratio, proportion, real numbers, integers, rational numbers, interest, marginal cost, revenue cost, selling price, cost price, percentage .

Answer from: kcombest7219

c. 9 years

Step-by-step explanation:

just took test and got it right

Answer from: Quest

amount of oatypop that contains the prize = 40%

amount of oatypop which doesn't contain the prize = (100-40)=60%

probability that hannah will win a prize

= s +f s +f f s+ff f s+ff f f s+ infinity.where f= failure,s= success

= or 60%

probability that hannah only has to buy 3 or less boxes before getting a prize= (s) and ( f s) and (ff s) and (f f f s)

= = 87.04 %

step-by-step explanation:

Answer from: Quest

A)26•2=52there are 2 sides with the same length116-52=64the other 2 side have to be half of 64 each64/2=32the width is 32b)make two sentences about these steps because your teacher knows how you write and explain things.

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