Alice is buying a house with 625K. She is making 20% deposit. And get a mortgage on the balance.A bank offers her two options.

1) 30 year term, fixed interest rate 4%.

2) Pay $10,000 upfront fee to buy down the rate. Still 30 year term, but at 3.75%

Explain your reason.

Answers

Answer 1

Answer:

By opting for the second option, Alice would save $ 15,740.00  in total mortgage cost

Step-by-step explanation:

In order to determine the better of the two options available, we need to determine the total cost under each option as follows:

Option 1:

cost of house=$625,000

loan amount=$625,000-(20%*$625,000)=$500,000

loan amount=monthly payment*(1-(1+r)^-n/r

monthly payment is the unknown

r=monthly interest rate=4%/12=0.33333333%

n=number of monthly payments in 30 years=30*12=360

500,000=monthly payment*(1-(1+0.33333333% )^-360/0.33333333%

500,000=monthly payment*(1-0.301795869 )/0.003333333

500,000=monthly payment*0.698204131 /0.003333333

monthly payment=500,000*0.003333333 /0.698204131

monthly payment=$ 2,387.08  

total monthly payments=$ 2,387.08*360=$859,348.80

Option 2:

upfront fee=$10,000

loan amount=monthly payment*(1-(1+r)^-n/r

monthly payment is the unknown

r=monthly interest rate=3.75%/12=0.3125%

n=number of monthly payments in 30 years=30*12=360

500,000=monthly payment*(1-(1+0.3125%  )^-360/0.3125%

500,000=monthly payment*(1-0.325222459  )/0.003125

500,000=monthly payment*0.674777541  /0.003125  

monthly payment=500,000*0.003125  /0.674777541=$2,315.58  

Total cost=total monthly payments+upfromt fee

total cost=($2,315.58 *360)+$10,000=$843,608.80  

savings by opting for the second option=$859,348.80-$843,608.80  


Related Questions

platelets are responsible for​

Answers

Answer:

The principal function of platelets is to prevent bleeding. Red blood cells are the most numerous blood cell, about 5,000,000 per microliter. Red blood cells make up about 40% of our total blood volume, a measure called the hematocrit

2
Add. Write the expression below in simplest form.
(-3x + 15) + (-3x + 2)

Answers

Answer:

-6x+17

Step-by-step explanation:

Combine like terms

An electrician charges y amount to work x hours on a job. The electrician charges a $50 service fee and $30 per hour. His income per job can be modeled using a linear function. The electrician works maximum of 20 hours on any job. What is the range of values for one job?

Answers

Answer:

The range of values from one job is between $50 and $650.

Step-by-step explanation:

An electrician charges y amount to work x hours on a job. The electrician charges a $50 service fee and $30 per hour.

This means that his earnings in a job can be modeled by the following function:

[tex]y = 30x + 50[/tex]

The electrician works maximum of 20 hours on any job. What is the range of values for one job?

Minimum, he works 0 hours, and earns:

[tex]y(0) = 30(0) + 50 = 50[/tex]

Maximum, he works 20 hours, and earns:

[tex]y(20) = 30(20) + 50 = 650[/tex]

The range of values from one job is between $50 and $650.

Find the IQR of the data set in the dot plot

Dot plot below
.
. .
. . . . . .
0 1 2 3 4 5 6 7

Answers

Answer:

5.5 - 1.5 = 4

Brainliest pls

What percentage is 0.00042 ?

Answers

Answer:

0.042%

How much is the decimal number 0.00042 written as (converted to) a percent value? Answer: 0.042%

Step-by-step explanation:

hope it helps please give me a heart

Answer:

0.042%

Step-by-step explanation:

0.00042 as a percent have to remember that 1 equal 100% and that what you need to do is just to multiply the number by 100 and add at the end symbol % . 0.00042 * 100 = 0.042% and then you get your answer!

Pls help ASAP !! I’m struggling so hard in math class pls help I need it .

Answers

Answer:

b = 27 degrees

Step-by-step explanation:

90 - 63 = 27

I will give brainiest to whoever answers correctly !!
Please do not steal my points I'm tired of it put a legit answer or leave!! I will give brainiest to whoever answers correctly!!

Answers

9514 1404 393

Answer:

  a) $8.73

  b) $608.73

Step-by-step explanation:

a) The interest charged is ...

  I = Prt

where P is the amount borrowed, r is the daily rate, and t is the number of days.

  I = $600×0.04848×30 = $8.73 . . . interest

__

b) The amount repaid is the borrowed amount plus interest.

  $600 +8.73 = $608.73 . . . repaid

Which methods could you use to calculate the x-coordinate of the midpoint of a horizontal line segment with endpoints at (0,0) and (20,0)

Check all that apply.

A. Count by hand.

B. Divide 20 by 2.

C. Divide 0 by 20.

D. Divide 20 by 0.

Answers

Answer:

A. Count by hand.

B. Divide 20 by 2.

Step-by-step explanation:

The midpoint between two points is found by the mean of their coordinates.

Endpoints at (0,0) and (20,0)

So we have x coordinates of 0 and 20. Their mean is:

[tex]\frac{20 - 0}{2} = 10[/tex]

So we can find both counting by hand, or dividing 20 by 2.

Find a. Round your answer to the nearest hundredth

Answers

Angle C is 40degree
Then Angle B is supposed to be 180-90-40 which will be 50 degree

a=9units

Answer:

solution given:

c=40° exterior corresponding angle

In right angled triangle

<c°+B°+90°=180° [Sum of interior angle of a triangle is 180°

B°=180°-40°-90°=50°

Relationship between base and hypotenuse is given by cos angle

Cos c°=base/hypotenuse

Cos40°=a/12

a=Cos40°×12=9.19or 9 units

The student council is ordering T-shirts from a website. The T-shirts cost $9 each and there is a shipping fee of $8 for any

amount ordered. The student council wants to spend exactly $710 on the T-shirts. How many T-shirts, x, they can order?

an

Answers

Answer: They can order 78 shirts.

Step-by-step explanation:

9x + 8 = 710

9x = 702

x = 78

**Since the shipping fee is $8 for ANY amount ordered, the price of shipping doesn’t change with the number of shirts — the shipping price is a constant.

Help please
Will give brainlyest

Answers

Answer:

Step-by-step explanation:

e = D/(3f^2)

Answering so the other guy can get brainliest

which ratio is equivalent to 5/9 9/45 25/81 27/15 30/54​

Answers

Answer:

30/54 is the answer

Step-by-step explanation:

5x6=30

9x6=54

30/54 is the correct answer
For your problem

Steve and Andy are playing pool. After the break, Andy is solids which is numbers 1 through 7 (the number 8 ball is the last one to hit into a pocket). How many different combinations can he have for sinking his solids into the six pockets?

Steve ends up winning the game as he hit in all his striped pool balls (9 through 15) and the 8 ball. How many different combinations did he have in his victory?

Answers

______________________________

Andy's Combinations:= 7 Balls × 6 Pockets= 42 Different CombinationsSteve's Combinations:= 8 Balls × 6 Pockets= 48 Different Combinations

______________________________

if x ≠ 0 which is k • 1/x

Answers

Answer:

k/x

Step-by-step explanation:

k*1/x=k/x

Need today right nowvery easy

Answers

25 + (-30) = -5

-15 + (-30) = -45

10 + (-10) = 0

i’m pretty sure these are correct, hope it helped :) sorry if it’s wrong 0_0

(x + 2y – 2z) – (2x – 5y – 6z) is equivalent to...?

Answers

The Expression (x + 2y – 2z) – (2x – 5y – 6z) is equivalent to -x + 3y + 5z

What is Algebra?

A branch of mathematics known as algebra deals with symbols and the mathematical operations performed on them.

Variables are the name given to these symbols because they lack set values.

In order to determine the values, these symbols are also subjected to various addition, subtraction, multiplication, and division arithmetic operations.

Given:

(x + 2y – 2z) – (2x – 5y – 6z)

so, (x + 2y – 2z) – 2x + 5y + 6z

= ( x- 2x) + (2y+ y)+ ( 6z- z)

=  -x + 3y + 5z

Hence, (x + 2y – 2z) – (2x – 5y – 6z) is equivalent to -x + 3y + 5z

Learn more about Algebra here:

https://brainly.com/question/24875240

#SPJ6

HELPPPPPP HELPPPPP PLZZZZZZZZZZZZZZZZ

Answers

Answer:

Its A. Just had this question

Step-by-step explanation:

Which of the following values for x is true for 4x > 10

Answers

Answer:

Anything 3 or more

Step-by-step explanation:

3 x 4 = 12.

12 > 10.

If you follow through with the next multiple of 4, 4, we get 16.

16 > 10.

This is true for any other multiple of 4, making any value 3 or me greater than 10.

Four runners start at the same point; Lin, Elena, Diego, Andre. For each runner write a multiplication equation that describes their journey.


Lin runs for 29 seconds at 7.2 meters per second. What is her finish point?

7.2*?=29

29*7.2=?

?*29=7.2

Elena runs for 26 seconds and finishes at 240 meters. What is her velocity?

240*26=?

26*?=240

?*240=26

Diego runs for 33 seconds at -6.1 meters per second. What is his finish point?

-6.1 • ? = 33

33*?=-6.1

-6.1*33=?

Andre runs for 38 seconds and finishes at -295 meters. What is his velocity?

-295*38=?

38*?==-295

?*-295=38

Answers

Answer:

See the answers in the explanation

Step-by-step explanation:

Lin runs for 29 seconds at 7.2 meters per second. What is her finish point?

time= 29 seconds

speed= 7.2 m/s

distance= speed*time

distance= 7.2*29

distance=208.8 m

Elena runs for 26 seconds and finishes at 240 meters. What is her velocity?

time= 26 seconds

distance= 240meters

velocity= distance/time

velocity= 240/26

velocity=9.23 m/s

Diego runs for 33 seconds at -6.1 meters per second. What is his finish point?

time= 33 seconds

velocity

distance=velocity*time

distance=33*6.1

distance= 33*6.1

distance=201.3 m

Andre runs for 38 seconds and finishes at -295 meters. What is his velocity?

time= 38 seconds

distance= 295m

velocity= distance/tim

velocity= 295/38

velocity= 7.76m/s

Translate (in terms of x) then solve the algebraic equation: Five times the sum of 6 and some number is 20.

Answers

Answer:

x=-2

Step-by-step explanation:

5 times (6 plus x) = 20

6 plus x = 4

x = 4 - 6

x = -2

Answer:

-2

Step-by-step explanation:

Let the number be x

5 × (6 + x) = 20

6 + x = 20/5

6 + x = 4

x = 4 - 6

x = -2

a.
Q46. The average of five shirts price is Rs. 750, if the price of three shirts is
Rs. 2400, then what will be the price of other two shirts?

Answers

Answer:

Rs 1350

Step-by-step explanation:

An average of 5 shirts is Rs 750

The total amount of the 5 shirts is 750×5

= 3,750

The price of 3 shirts is Rs 2400

Therefore the price of the other two shirts can be calculated as follows

= 3750-2400

= 1350

Hence the price of the other two shirts is Rs 1350

The nth term of 50, 80, 110 is...

Answers

Answer:

[tex]a_n=50+(n-1)30[/tex]

Step-by-step explanation:

Given series is,

50,80,110....

First term, a = 50

Common difference, d = 80-50 = 30

We need to find the nth term of the given sequence.

The nth term of an AP is given by :

[tex]a_n=a+(n-1)d[/tex]

Put a = 50 and d = 30 in the above formula

[tex]a_n=50+(n-1)30[/tex]

Hence, the nth term of the sequence is [tex]a_n=50+(n-1)30[/tex].

y=3x-7 make x the subject

Answers

Answer: x= y+7 / all over 3

Step-by-step explanation:

y= 3x-7

+7. +7

y+7 =3x

÷3. ÷3

y+7/ 3 = x

If $3,000 is invested at an interest rate of 1.8%, compounded hourly for two years, what is the ending balance?

Answers

Answer:

$3109.97.

Step-by-step explanation:

Number of hours in a year = 365*24 = 8760 hours

Balance = 3000(1 + 0.018/8760)^(2*8760)

= 3109.967.

Determine the value of y, if x is –12.
y= |x| - 5

pls quickly

Answers

The answer should be 7

Answer:

y = -17

Step-by-step explanation:

-12 - 5 = -17

Please answer this correctly without making mistakes

Divide. Write your answer using the smallest numbers possible.

33 pounds 12 ounces divided by 30

= pounds ounces

Answers

Answer:

1 pound 3 ounces

Step-by-step explanation:

Lemme know if it's correct

Cindy, Mary, and Reese will share the cost to rent a vacation home for a week.


Cindy's share represents 40% of the cost.

Mary's share represents 35% of the cost.

Reese's share represents the remainder of the cost.


The cost to rent a vacation home for a week is $850. How much will Reese pay to rent this vacation home for a week?


A) $200.00

B) $297.50

C) $212.50

D) $637.50


If you can plz show your work thank you and this is a 7th grade question have fun

Answers

Answer: $212.50

Step-by-step explanation:

Cindy's share = 40% of the cost.

Mary's share = 35% of the cost.

Reese's share = 100% - (40% + 35%) = 100% - 75% = 25%

If the cost to rent a vacation home for a week is $850, the amount that Reese will pay to rent this vacation home for a week will be:

= 25% × $850

= 0.25 × $850.

= $212.50

Jasmine invests 2658 in a retirement account for with a fixed annual interest rate of 9% compounded continuously what will the account balayage be after 15 years

Answers

Answer:

$10,253.04

Step-by-step explanation:

A store buys a shirt from the vendor for $15. The store makes a 55% profit when the shirt is sold to a customer. What is the retail price of the shirt?

Answers

Answer:

$23.25

Step-by-step explanation:

Step one:

given data

A store buys a shirt from the vendor for $15

The store makes a 55% profit

Required

The sale price of the shirt

Step two:

Percent profit= sale-cost price/cost price *100

subtitute

55= sale-15/15 *100

0.55= sale-15/15

cross multiply

sale-15= 0.55*15

sale-15=8.25

sale= 8.25+15

sale=$23.25

9. AC ATis an isosceles triangle with base angles Cand Teach represented by (3 x +11)

degrees, while angle A is represented by (9 x+8) degrees. Find the measure of angle

C.

Answers

Answer:

41°

Step-by-step explanation:

A triangle is a shape with three angles and three sides. There are different types of triangles such as equilateral triangle, scalene triangle, isosceles triangle, right angled triangle and so on.

An isosceles triangle is a triangle in which two sides and two angles are equal to each other.

In triangle CAT, ∠C = ∠T (base angles of an isosceles triangle are equal):

∠A + ∠C + ∠T = 180° (sum of angles in a triangle).

Hence substituting gives::

(9x + 8) + (3x + 11) + (3x + 11) = 180

9x + 3x + 3x + 8 + 11 + 11 = 180

15x + 30 = 180

15x = 180 - 30

15x = 150

x = 150 / 15

x = 10°

Hence ∠A = 9x + 8 = 9(10) + 8 = 98°, ∠C = ∠T = 3x + 11 = 3(10) + 11 = 30 + 11 = 41°

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