Philip P. answered • 04/28/15
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People have 2 legs each, so 6 people have a total of 6*2 = 12 legs
Dogs have 4 legs each, so 12 dogs have a total of 12*4 = 48 legs
The total number of people plus dog legs is 12 + 48 = 60 legs
Philip P.
Ask and we'll see.
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04/28/15
Duane D.
The price of a house is $140,000. The bank requires a 20 % down payment for a 25 year mortage at 6 %
A. Find the monthly payment
B. Find the monthly cost of interest
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04/28/15
Duane D.
Determine the effective annual yield to the nearest tenth of a percent for each Investment. Then select the best Investment.
A. 5% compounded monthly
B. 5.1 % compounded quaterly
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04/28/15
Philip P.
If you put 20% down, you have to finance (borrow) the remaining 80%:
($140,000)*(0.80) = $112,000
Assuming annual compounding, the total payment you'll make is given by the formula below( if you're using simple interest, the formula is A = P + P*r*t):
A = P*(1 + r/n)nt
where:
- A = total amount to be payed
- P = amount borrowed = $112,000
- r = annual interest rate expressed as a decimal = 6% = 0.06
- n = number of compoundings per year = 1?
- t = time in years
A = $112,000*(1.06)25 = $480,689.52
You will make 25*12 = 300 monthly payments over 25 years, so the monthly payment is:
Monthly payment = $480,689.52/300 = _______?
The interest you'll pay is A-P = $480,689.52 - $112,000 = $368,689.52. I'm not sure how to spread the monthly cost of interest. You could simply divide the interest by 300; but in the real world, interest is not spread evenly but is weighted more heavily toward the early months.
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04/28/15
Philip P.
Hi Duane - Post these up on the main answers page. I have to go out and don't have the time now to answer them now. Good luck.
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04/28/15
Duane D.
04/28/15