Paying 13 mortgage payments instead of 12 per year can save to you thousands in interest cost. If you had a $175,000 mortgage at 6% for 30 years, how much extra would you have to pay per year to make 13 instead of a 12 mortgage mortgage payments per year? How much would you pay if you paid 1/12 of it per month?

Answers

Answer 1

You would pay $14,583.33 per month if you divided the mortgage amount into equal monthly payments.

To calculate the additional amount you would have to pay per year to make 13 mortgage payments instead of 12, we need to determine the monthly mortgage payment first.

Using the formula for a fixed-rate mortgage:

[tex]M = \dfrac{P(r(1 + r)^n)} { ((1 + r)^n - 1)}[/tex]

M = P(r(1 + r)^n) / ((1 + r)^n - 1)

Here:

M = Monthly mortgage payment

P = Principal amount (mortgage amount)

r = Monthly interest rate (annual interest rate / 12)

n = Total number of payments (number of years × 12)

Let's calculate the monthly mortgage payment first:

P = $175,000

r = 6% / 12 = 0.005

n = 30 × 12 = 360

[tex]M = 175,000 \times\dfrac{ (0.005(1 + 0.005)^{360})}{ ((1 + 0.005)^{360} - 1)}[/tex]

M = $1,049.91

With a monthly mortgage payment of $1,049.91, we can calculate the additional amount you would need to pay per year to make 13 payments instead of 12.

Additional payment per year = Monthly payment × 12 - Monthly payment

Additional payment per year = $1,049.91 × 12 - $1,049.91

Additional payment per year = $12,599.92 - $1,049.91

Additional payment per year = $11,550.01

Therefore, you would need to pay $11,550.01 extra per year to make 13 mortgage payments instead of 12.

Now, let's calculate the amount you would pay if you made equal monthly payments throughout the year (1/12 of the mortgage amount per month).

Amount paid per month = Mortgage amount / 12

Amount paid per month = $175,000 / 12

Amount paid per month ≈ $14,583.33

Thus, you would pay $14,583.33 per month if you divided the mortgage amount into equal monthly payments.

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Related Questions

there is a sale on a gallon of milk at the grocery store. The original price was $2.99 and the new sale price is $2.49. what is the percentage of decrease on the gallon of milk?round the anwser to the nearest whole percent



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17 percent because the answer is 16.72 percent but when you round it up you get 17.

Can someone please help me with this.

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Answer:

2

Step-by-step explanation:

When the input is -1  ( the x value is -1)  what is the the output ( what is the value of y)

Using the graph, we got to x =-1 and go up and find y =2

When the input is -1 the output is 2

Answer:

X: input

Y: output

so if we input -1 we look at the graph to see the y value

2

Hope This Helps!!!

What value is added to both sides of the equation x^2 − 6x = 10 in order to solve by completing the square? (1 point)

Group of answer choices

−3

3

6

9

Answers

Answer:

9

Step-by-step explanation:

use half the x coefficent and square it

x^2 − 6x + (-3)^2 = 10 + (-3)^2

x^2 - 6x + 9 = 10 + 9

(x - 3)^2 = 19

How to divide long division with decimals.

Answers

Answer:

If the number your dividing has a decimal, move the decimal point all the way to the right, counting how many spaces you have moved it. Then, move the decimal point in the number you're dividing the same number of places to the right.

Step-by-step explanation:

The hanger image below represents a balanced equation.
27
V
Find the value of v that makes the equation true.
U =
I need the answer

Answers

Answer:

2x =3

The hanger image given in the figure represents balanced equation.

Then we have to write an equation to represent the image.

In balanced form left side = right side

x + x = 1 + 1 + 1

2x = 3

The value v is 9.

What is equation?

An equation is a mathematical statement that shows that two mathematical expressions are equal.

Given that is a structure showing a balanced hanger we need to find the value,

So we can say since the hanger is balanced therefore the weight both sides will be equal,

Therefore,

v + v + v = 27

3v = 27

v = 27

Hence the value v is 9.

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find the slope and y intercept.​

Answers

Answer:

slope: 2/3

y intercept: -1

Step-by-step explanation:

slope: rise/run

the decimal equivalent of 14/26

Answers

Answer:   0.53846153846154

Step-by-step explanation:   you do

= 14/26

= 14 ÷ 26

= 0.53846153846154

2^-5 =
Can someone please help

Answers

Answer:

[tex]\frac{1}{32}[/tex]

Step-by-step explanation:

Using the rule of exponents

[tex]a^{-m}[/tex] = [tex]\frac{1}{a^{m} }[/tex] , then

[tex]2^{-5}[/tex] = [tex]\frac{1}{2^{5} }[/tex] = [tex]\frac{1}{32}[/tex]

e^ln(5x) =

5x
ln(5)
5ln(x)
ln(x)

Answers

Answer:

5x

Step-by-step explanation:

The natural log of 5x is the exponent to give e to get 5x as a result.  You are simply applying the definition of logarithm

The expression [tex]e^{ln(5x)[/tex] evaluates to 5x after simplification.

Option: A is correct.

Here, we have,

The expression [tex]e^{ln(5x)[/tex] involves two important mathematical properties:

[tex]e^{ln(x)} = x[/tex]:

This is a fundamental property of the natural logarithm and the base of the natural exponential function, e.

When the natural logarithm (ln) and the natural exponential function [tex](e^x)[/tex] are composed, they "cancel out," and the result is the argument inside the ln function (x).

[tex]e^0 = 1[/tex]:

The natural exponential function raised to the power of 0 is equal to 1.

Now, let's simplify the expression step by step:

[tex]e^{ln(5x)[/tex]

Using property 1,[tex]e^{ln(5x)[/tex] simplifies to:

5x

Therefore, the correct option is "5x."

The expression [tex]e^{ln(5x)[/tex] evaluates to 5x after simplification.

Option: A is correct.

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What is the slope for this table?

Answers

Answer:

look at the picture ..........

P: It's sunny.
Q: It's snowing.
R: It's not raining.
Translate the following symbols: P -> Q
O It's not sunny and it's snowing.
O It's sunny if and only if it's snowing.
O If it's not sunny, then it's not snowing.
O If it's sunny, then it's snowing.

Answers

Answer:

I think the answer is c

Step-by-step explanation:

please give me brainlist

11111111111111+646463476346546

Answers

Answer:

6.5757459e+14

Step-by-step explanation:

is your answer

Answer:

6.5757459e+14

Step-by-step explanation:

6.5757459e+14

PLS SOLVE I WILL GIVE BRAINLIST

Answers

Answer:

first one, u can't ride a decimal of a ride

Step-by-step explanation:

y = 7.50 + 2.50x

Will give brainliest! Is these answers correct?

Answers

Answer:

Yep, they are all correct

Both the answers are correct

Surface area I need help

Answers

Answer:

100 + 100 + 40 + 40 + 40 + 40 = 360 yd^3

What is 5261.436 rounded to the nearest thousand?

Answers

Answer:

5261.436 would be the answer

The answer would be 5,000 for rounding to the nearest THOUSAND.

Hope this helped. :)

Solve the equation: (5y + 2)(y - 3) = -13(2 + y)

Answers

Answer:

2i

Step-by-step explanation:

Distribute:

(5y + 2)(y - 3)

5y^2-15y+2y-6

Which can be simplified into 5y^2-13y-6

Now the equation now looks like this: 5y^2-13y-6=-13(2+y)

For -13(2+y) multiply -13 with 2+y

Which is -26-13y

5y^2-13y-6=-26-13y

Simplify:

5y^2+20

Which can be simplified into 5(y^2+4)

y^2+4=0

y^2=-4

y=2i

Hope this helps!

Anna wants to bake $2\frac{1}{2}$ dozen cookies for a party. However, the recipe she has only makes a dozen cookies. If the original recipe calls for $1\frac{1}{4}$ cups of sugar, how many cups of sugar does she need to make the cookies for her party?

Answers

Lampz Got Put In A Spliff X Kobis Coffin 26. Divided by 9 + Ceemizz

ANSWER: Loudest spliff

julio bought 4 pounds of carrot sticks and 3 pounds of celery sticks for the school potluck. he had 6 bowls for serving vegetables. he wants to put an equal amount of carrots and celery in each bowl. how many pounds of vegetables would be in each bowl

Answers

Answer:2

Step-by-step explanation: 4 times 3 equals 12 and 12 divided by 6 is 2

There are 1(1/6) pound of vegetables in each bowl.

What is an expression?

An expression is a way of writing a statement with more than two variables or numbers with operations such as addition, subtraction, multiplication, and division.

Example: 2 + 3x + 4y = 7 is an expression.

We have,

Number of bowls = 6

Number of carrot sticks = 4 pounds

Number of celery sticks = 3 pounds

The number of carrots in each bowl.

= 4/6

= 2/3 pounds

The number of celery sticks in each bowl.

= 3/6

= 1/2 pounds

The number of pounds of vegetables in each bowl.

= 2/3 + 1/2

= (4 + 3)/6

= 7/6

= 1(1/6) pounds

Thus,

There are 1(1/6) pound of vegetables in each bowl.

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Brooke has a savings account. The account balance is $550.87 at the beginning of the month. The list below shoes all of the activity for one month.

- a deposit of $75.98
- a withdrawal of $34.88
- a deposit of $84.12

What is the balance in Brooke's savings account at the end of the month?

Answers

Answer:

676.09

Step-by-step explanation:

550.87 + 75.98 = 626.85

626.85 - 34.88 = 591.97

591.97 + 84.12 = 676.09 therefore that's the amount at the end of the month

can you only give brainliest on your own question?

Answers

Answer:

im sorry i dont know but you can try

Step-by-step explanation:

The height of a ball in feet is modeled by f(x) = -16x² +96x, where x is the time in seconds after it is hit. How long is the ball in the air?

Answers

Answer:

The answer is 144 feet and it will be in the air for 6 sec

Step-by-step explanation:

Answer:

92

Step-by-step explanation:

Like and give 5 star rating

Please help!!!!! (worth 45 points)

Answers

Answer:

5 + (-5) and 8 + (-8)

Step-by-step explanation:

Sum of zero means when you add them you get 0

so the others are wrong

-5 + (-5) = -10 because you have -5 and you add another -5

-12 + (-12) = -24 you start with -12 and you add another -12

Think of positive and negative numbers like floors in a building. Positive numbers are the stories and the negative numbers are the basement and sub-basement, zero is the ground level. So for 5 + (-5) you go up 5 floors, then you go down 5 floors. you end up on the ground level, 0.

The solution to the equation log2x log2(x â€"" 6) = 4 is x =.

Answers

The solution to the logarithmic equation [tex]\mathbf{log_2(x-6) = 4}[/tex] is x =24

The logarithmic equation is given as:

[tex]\mathbf{log_2(x-6) = 4}[/tex]

Apply exponential law of logarithm

[tex]\mathbf{(x-6) = 2^4}[/tex]

Remove the brackets

[tex]\mathbf{x-6 = 2^4}[/tex]

Add 6 to both sides

[tex]\mathbf{x-6 +6= 6+ 2^4}[/tex]

Express 2^4 as 16

[tex]\mathbf{x-6 +6= 6+ 16}[/tex]

Add -6 and 6

[tex]\mathbf{x= 6+ 16}[/tex]

Add 6 and 16

[tex]\mathbf{x= 24}[/tex]

Hence, the solution to the logarithmic equation [tex]\mathbf{log_2(x-6) = 4}[/tex] is x =24

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PLEASE HELP URGENT!!!!!!!!!!!!!

Answers

Answer:

A

Step-by-step explanation:

3x^2-2x+4-5x^2+6x-8 = -2x^2-8x+12

Three of six people are to be selected and given sinall prizes. One will be
given a book, one will be given a cal cul ator, and one will be given an iTunes
card. In how many different ways can these prizes be awarded?

Answers

Answer:

The three prizes can be awarded in 6 different ways

Step-by-step explanation:

1. P1 - Book; P2 - Calc; P3 - Card

2. P1 - Book; P2 - Card; P3 - Calc

3. P1 - Calc; P2 - Card; P3 - Book

4. P1 - Calc; P2 - Book; P3 - Card

5. P1 - Card; P2 - Book; P3 - Calc

6. P1 - Card; P2 - Calc; P3 - Book

Find the gradient of the line segment between the points (6,-4) and (10,-10). Give your answer in its simplest form.

Answers

Answer:

To calculate the gradient of a straight line we choose two points on the line itself. The difference in height (y co-ordinates) ÷ The difference in width (x co-ordinates).

so it is 0.2

Please I really do need ur help. 4 5/9 is the same as the sum of 2 1/3 and 5/6 times a number.

What is the number?

Enter your answer as a mixed number in the simplest form in the box.

Answers

The answer is 1 25/57.

Just set the question into an equation:
(2 1/3+ 5/6)x = 4 5/9
(Solve for x and you’ll get 1 25/57).

Answer:  X =  2 2/3

Step-by-step explanation:

4 5/9 is the same as the sum of 2 1/3 and 5/6 times a number.

Let X be the "number."  Translate the sentence:

(4 5/9) = ((2 1/3) + (5/6))*X

"4 5/9 is the same":  (4 5/9) =

"as the sum of 2 1/3 and 5/6":  ((2 1/3) + (5/6))

"times a number": *X

Put them all together:

(4 5/9) = ((2 1/3) + (5/6))*X

(41/9)-(7/3) = (5/6)X

(41/9)-(21/9) = (5/6)X

(20/9) = (5/6)X

X = (20/9)*(6/5)

X = 120/45

X = 2 30/45 or 2 2/3

-64/8 do i divide ? what do i do

Answers

Answer:

-8

Step-by-step explanation:

-64/8 = -8................ .......

mark me brainliest plz if you are helped

Answer:

so you divide -64/8 like you would 64/8 and once you get your answer you just put a negative in front because a negative divided by a positive is a negative so your answer is -8

Step-by-step explanation:

simplify this addition 2m+3m+(-6m)​

Answers

Answer:

-m

Step-by-step explanation:

2m+3m+(-6m)=2m+3m-6m

                      =5m-6m

                      =-m

Answer:

-m

Step-by-step explanation:

2m+3m+(-6m)​

Remove parentheses.

2m+3m-6m

Add and subtract.

-1m or -m

Hope this helps :)

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