Mathematics, 03.08.2021 18:00 kat2177

The individuals in the following scenarios are currently independent adults, looking to buy a home. Each of them, fortunately, took a personal finance class in high school and learned the value of doing some preliminary work on a mortgage calculator before determining their price range. Use the Bankrate. com Mortgage Calculator (Links to an external site.) for this activity. Hint: Push “Show Amortization Schedule” on the calculator screen to see more details about each loan. For Questions #1-5 Use the following scenario:

TREMAINE:

Wants a one bedroom townhouse in a trendy new development downtown; average cost is $145,000
Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage
Has saved $15,000 for a down payment

For Questions #6-10 Use the following scenario:

CARLIN:

Has been renting a two-bedroom apartment with her husband and 3 kids; wants to move into a three-bedroom home instead
Took her five years, but she has saved $20,000 for a down payment
Homes in her small town are typically selling for $75,000 to $95,000
Is preapproved for a 3.89% interest rate on a 30-year fixed mortgage
Needs her monthly payment to be less than $400

Flag question: Question 1
Question 110 pts
What will Tremaine’s monthly payment be?

Flag question: Question 2
Question 210 pts
How much total interest will he pay over the course of the mortgage?

Flag question: Question 3
Question 310 pts
If Tremaine waited until he had $30,000 saved for a down payment, what his monthly payment be?

Flag question: Question 4
Question 410 pts
If Tremaine waited until he had $30,000 saved for a down payment, how much total interest will he pay over the course of the mortgage?

Flag question: Question 5
Question 510 pts
If Tremaine waited until he had $30,000 saved for a down payment, how much money did he save by paying an extra $15,000 upfront? (total cost of home)

Flag question: Question 6
Question 610 pts
Rounded to the nearest $500, what’s the most expensive house Carlin could buy?

Flag question: Question 7
Question 710 pts
At that price, how much total interest will she pay over the course of the mortgage for this house?

Flag question: Question 8
Question 810 pts
What month
and year
will Carlin pay off her house?

Under the assumption the assignment is being completed in March of 2020*

Flag question: Question 9
Question 910 pts
If Carlin could add just $50 to each monthly payment, how much money would she save on interest?

Flag question: Question 10
Question 1010 pts
What month
and year
does Carlin pay off her house if she makes the higher monthly payment?

*Assuming house is purchased in March 20

Answers: 2

Show answers

Answers

Answer from: xoxonaynay

You cappin for 6 points

Answer from: Quest

-232

step-by-step explanation:

Answer from: Quest

your exact question is kind of difficult to understand, so maybe an example will explain what you're supposed to do? i'll work through the first problem on the worksheet.

suppose you have a tray of 652 brownies, and you have 5 friends that you want to feed without picking favorites. how many brownies can you dole out to each of your friends in equal amounts? how many will be left over for you to eat?

what you're doing here is finding a way to arrange the number 652 as the sum of integer multiple of 5 and some remainder: $652=5q+r$

here $q$ ("q" for quotient) is the number of brownies each of your friends get, and $r$ is the remainder. that's the basic idea behind division.

we break up the number 652 into parts so that the leading digit stands on its own:

652 = 600 + 52

first we check if it's possible to hand out exactly 100 brownies to each friend. with 5 friends, this means we want to know if we can take out 500 brownies from the tray. we can do this 1 time because we have 600 brownies to take from, and when we do that we're left with 100 + 52 brownies to divvy up. so we know that

652 = 1*500 + 152

next we want to know if it's possible to hand out exactly 10 brownies per friend. if we can, we have to remove 50 brownies from the tray each time until we can't. we have 152 brownies left, and we know that 3(50) = 150, so

152 = 3*50 + 2

now we have 2 brownies left in the tray. is it possible to hand 1 out to each of your 5 friends? no, you'd need a minimum of 5 brownies to do that. so the last 2 are yours.

putting everything together, we found that

652 = 1*500 + 3*50 + 2

and we can rearrange this to write

652 = 5*100 + 5*30 + 2

652 = 5(100 + 30) + 2

652 = 5*130 + 2

so $q=130$ and $r=2$ .

you might be more accustomed to the table depicting the algorithm. that's just a compact way of organizing what we've done above. you can consult the image i've attached below.

Another question on Mathematics

Mathematics, 21.06.2019 17:30

Find the exact value of each of the following. in each case, show your work and explain the steps you take to find the value. (a) sin 17π/6 (b) tan 13π/4 (c) sec 11π/3

Answers: 2

Answer

Mathematics, 21.06.2019 18:00

For a field trip to the zoo, 4 students rode in cars and the rest filled nine busess. how many students were in each bus if 472 students were on the trip

Answers: 1

Answer

Mathematics, 21.06.2019 20:50

Find the missing variable for a parallelogram: a = latex: 32in^2 32 i n 2 h = b = 6.3 in (1in=2.54cm)

Answers: 2

Answer

Mathematics, 21.06.2019 21:00

The zoo collects $9.60 for every 24 tickets sold. how much will be collected for 400 tickets?

Answers: 2

Answer

You know the right answer?

The individuals in the following scenarios are currently independent adults, looking to buy a home....