mr. and mrs. Rainer took out a $240,000 loan to purchase their home. If the interest rate on the loan is 1.2% compounded bimonthly, how much interest will they paid after 30 years?

Answers

Answer 1

Answer:

$103968.11.

Step-by-step explanation:

Given information:

Principal amount = $240,000

Rate of interest = 1.2% = 0.012

Number of years = 30

Number of times in an year = 24

Formula for amount:

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

where,

P is principal, r is rate of interest, t is number of years, n is number of times interest compounded in a year.

[tex]A=240000(1+\dfrac{0.012}{24})^{24(30)}[/tex]

[tex]A=240000(1.0005)^{720}[/tex]

[tex]A=343968.11[/tex]

Now,

[tex]Interest=A-P[/tex]

[tex]Interest=343968.11-240000[/tex]

[tex]Interest=103968.11[/tex]

Hence, the interest is $103968.11.

Answer 2

Final answer:

The total interest paid on a $240,000 loan with a 1.2% interest rate compounded bimonthly over 30 years is $103,875.4

Explanation:

Calculating Compound Interest Over 30 Years

Mr. and Mrs. Rainer took out a $240,000 loan for their home with an interest rate of 1.2% compounded bimonthly. To calculate the total amount of interest they will pay after 30 years, we need to use the formula for compound interest:

A = [tex]P(1 + \frac{r}{n})^{nt[/tex]

Where:

A = the future value of the investment/loan, including interest

P = the principal investment amount ($240,000)

r = the annual interest rate (decimal)

n = the number of times that interest is compounded per year

t = the number of years the money is invested or borrowed for

First, convert the interest rate from a percentage to a decimal by dividing by 100:

r = 1.2% / 100 = 0.012

Since the interest is compounded bimonthly, it is compounded 6 times a year (n = 6). The loan is for 30 years (t = 30).

Now, we can substitute the values into the formula and calculate A:

A = [tex]$240,000(1 + \frac{0.012}{6})^{6*30[/tex]

A = 240,000 * 1.002¹⁸⁰

A = 343,875.4

We'll subtract the principal (P) from A to find the total amount of interest paid over the 30 years.

I = A - P

I = 343,875.4 - 240,000

I = 103,875.4


Related Questions

what's the perimeter of a square 22 M by 27 m​

Answers

Answer:108

Step-by-step explanation:

p=4a

There is a blizzard, and Matt notices that the snow is falling at a constant rate. Two hours after the beginning of the snowstorm, there is a total of 9 inches of snow. Five hours after the beginning of the snowstorm, there is a total of 15 inches of snow.
5a. How much snow falls each hour?
5b. How much snow was on the ground before the blizzard started?
5c. Write an equation that models the snowfall’s linear function.

Answers

Answer:

2 inches per hour, 5 inches, y=2x+5

Step-by-step explanation:

No, I don't think I will

What’s 75+127-76= and what’s 75% of the answer

Answers

Answer: 94.5

Step-by-step explanation:

First do the addition, then subtract, then do 75% / 126 and you get 94.5

Answer:

94.5

Step-by-step explanation:

75+127-76= 126

Then change 75% to a decimal  .75 and multiply it by 126

126 X .75=

2. Which equation shows converted to slope-intercept form?

Answers

Answer:

y = mx + b

Step-by-step explanation:

y = mx + b shows slope-intercept form.

Hailey picked 3.75 kg of blueberries at her grandmother's farm. What number of grams is equivalent to 3.75 Kilograms?

Answers

Answer:

3750 grams

Step-by-step explanation:

1 kilogram is 1000 grams'

Hope this helped

:)

40% of OatyPop cereal boxes contain a prize. Hannah
plans to keep buying cereal until she gets a prize. What is
the probability that Hannah only has to buy 3 or less
boxes before getting a prize?
We need to design a simulation. Which random device can we use to BEST
represent this situation?
Use a double-sided coin and
assign heads as the prize and
tails as no prize.
Use a number cube with the
numbers 1 through 6 and assign
1 through 2 as the prize and 3
through 6 as no prize.
Use a random number generator
ranging from 1 to 10 and assign
1 through 4 as the prize and 5
through 10 as no prize.
Use a deck of cards and assign
spades as the prize and all
other suits as no prize.

Answers

Answer:

Use a Random Number Generator

Step-by-step explanation:

I hate failing a I ready lesson. Hope this helps you!!


1. Solve by setting the linear factors equal to zero.(x+4)(x-3) = 0
a) x = 4 and x = -3
b) x = 2 and x = 1
c) x = -4 and x = 3
d) x = -2 and x = 1

Answers

Answer:

C - x = -4 and x = 3

Step-by-step explanation:

Set (x+4) = 0

x = -4

set (x-3)=0

x=3

Answer:

c) x = -4 and x = 3

Step-by-step explanation:

(x+4)(x-3)=0  

x+4=0 ( You want to find the x value, so we subtract 4 for both sides to get rid of +4)

x +4 -4 = 0 -4

x = -4

x-3=0 ( The same thing, but add 3 either side to get rid of -3 )

x-3 +3 = 0+3

x= 3

Using the Quadratic Formula: x = −b ± b2− 4ac√2a solve for the following Quadratic trinomial: x2−10x + 4.75 Explain each step: 1. How did you find the a, b and c? 2. How did you fill in the quadratic formula? Show 3. Where did you start? 4. What are your steps 5. What is your answer.

Answers

The solution of the quadratic trinomial is x=9,1.

What is a quadratic trinomial?

A three terms polynomial of degree 2 is known as quadratic trinomial.

How to solve the quadratic trinomial?

The general form of quadratic equation is  ax²+bx+c =0,

where x = (-b±√(b²-4ac))/2a

The equation is x²-10x+4.75=0

Here, a=1, b= -10, c=4.75

Hence, x= (10±√(100-19))/2

x=(10+8)/2,    x= (10-8)/2

x=9, x=1

Learn more about quadratic equation here :

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Final answer:

The quadratic trinomial x² - 10x + 4.75 is solved using the quadratic formula. The coefficients identified are a=1, b=-10, and c=4.75, and when substituted into the formula, it yields solutions x = 7 and x = 3.

Explanation:

Solving a Quadratic Equation Using the Quadratic Formula

To solve the quadratic trinomial x2−10x + 4.75 using the quadratic formula, 'x' equals minus 'b', plus-or-minus the square root of 'b' squared minus four 'a' 'c', all over two 'a', we first identify the coefficients a, b, and c from the trinomial, which are in the standard form of ax2 + bx + c = 0.

Identifying coefficients: a = 1 (the coefficient of x²), b = -10 (the coefficient of x), c = 4.75 (the constant term).

Plugging the coefficients into the quadratic formula: x = −(-10) ± √((-10)2 − 4(1)(4.75)) / (2(1)).

Calculating the discriminant: Calculate b2 − 4ac which is 100 − 19.

Square root step: Take the square root of the discriminant, which is √81.

Final calculation: Compute the two possible values for x which are x = 5 + √81 / 2 and x = 5 − √81 / 2.

Solution: The roots are x = 5 + 9/2 and x = 5 − 9/2, simplifying to x = 7 and x = 3.

The final answer for the roots of the equation x² − 10x + 4.75 = 0 using the quadratic formula are x = 7 and x = 3.

Convert the angle

θ

=

26

0



θ=260



theta, equals, 260, degrees to radians.

Answers

Answer:

[tex]\frac{13\pi}{9}[/tex]radian

Step-by-step explanation:

We are given that

[tex]\theta=260^{\circ}[/tex]

We have to convert angle into radian.

We know that

Radian measure=[tex]\frac{\pi}{180}\times degree\;measure[/tex]

Using the formula then we get

Radian measure=[tex]\frac{\pi}{180}\times 260[/tex]

Radian measure=[tex]\frac{13\pi}{9}[/tex]radian

Hence, 260 degree=[tex]\frac{13\pi}{9}[/tex]radian

The first and second steps to solve the equation
+5-20 are shown below.
3* +5-520-5
Which property was applied in the second step?
Addition Property of Equality
Subtraction Property of Equality
Multiplication Property of Equality
Division Property of Equality

Answers

Multiplication Property of Equality

Answer:

C is your answer

Step-by-step explanation:

A designer of carved lawn figures needs to reduce the size of a statue by making each linear dimension 40% of the original. If a volume of N cm3 of wood was used to carve the original statue, how many cubic centimeters of wood are needed to make the smaller statue?

Answers

Answer:

N x (0.4)^3

Step-by-step explanation:

1.) 2x−9y=14


2.) x=−6y+7

please help!!

Answers

Answer

7,0

Step-by-step explanation:

Substitute -6y+7 into problem one where the x is

distribute the 2 and subtract the 9 y and you will get

-21y+14=14

subtract 14 from both sides and it will be -21y=0 so y will be 0

substitute the 0 into equation 2 and find x=7

1.) 2(-6y+7)-9y=14
2.) -12y+14-9y= 14
3.) -21y + 14 = 14
4.) -21y = 0
5.) -21y/-21 = 0/-21
y = 0
6.) 2x-9(0) =14
7.) 2x=14
8.) 2x/2 = 14/2
x=7
so, your answer is (7,0)

find the area of that shape please and show work

Answers

Given:

AB = 9 in, BC = 2 in

DE = 3 in, EF = 3 in

To find:

The area of the shape

Solution:

ABCH is a rectangle.

Area of rectangle = length × width

                             = AB × BC

                             = 9 × 2

Area of ABCH = 18 in²

GDEF is a square.

Area of square = side × side

                         = DE × EF

                         = 3 × 3

Area of GDEF = 9 in²

Area of the shape = Area of ABCH + Area of GDEF

                              = 18 in² + 9 in²

                              = 27 in²

The area of the shape is 27 in².

What is the value of log Subscript 3 Baseline 81?

2
3
4
5

Answers

Answer:

4

Step-by-step explanation:

Using the rule of logarithms

[tex]log_{b}[/tex] x = n ⇔ x = [tex]b^{n}[/tex]

Given

[tex]log_{3}[/tex] 81 = n, then

81 = [tex]3^{n}[/tex]

Note that 81 = [tex]3^{4}[/tex] , thus

[tex]3^{4}[/tex] = [tex]3^{n}[/tex]

Since the bases are equal then equate the exponents

n = 4

The value of log Subscript 3 Baseline 81 (i.e Log₃ 81) obtained is 4

Data obtained from the question Log₃ 81 =?

How to determine the value of Log₃ 81

Let Log₃ 81 be equal to n i.e

Log₃ 81 = n

The value of n can be obtained as follow:

Log₃ 81 = n

81 = 3ⁿ

Express 81 in index form with 3 as the base

3⁴ = 3ⁿ

Cancel out 3

n = 4

From the calculation made above, we can conclude that the value of log Subscript 3 Baseline 81 (i.e Log₃ 81) is 4

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When should you use the median and interquartile range as your measure of center and measure of variability to
compare populations shown on a box plot? Check all that apply
when there are outliers in the data sets
when there are no big gaps in the middle of the data sets
when the plots representing the data are symmetrical
when the plots representing the data are nonsymmetrical
when there are no outliers in the data set
Intro
Done

Answers

Answer:

1,2,4

Step-by-step explanation:

edg

The median and interquartile range is used as a measure of center and measure variability to compare populations when:

When there are outliers in the data sets

When there are no big gaps in the middle of the data sets

When the plots representing the data are symmetrical

When there are no outliers in the data set

We have,

Use the median and interquartile range as measures of center and variability to compare populations shown on a box plot in the following scenarios:

- When there are outliers in the data sets:

The median and interquartile ranges are resistant to outliers, meaning they are not significantly influenced by extreme values.

- When there are no big gaps in the middle of the data sets:

The median is a measure of the center that is not affected by extreme values or outliers, making it appropriate when there are no significant gaps or clusters in the middle of the data sets.

The interquartile range, which measures the spread of the central 50% of the data, is also less influenced by extreme values compared to the range or standard deviation.

- When the plots representing the data are symmetrical:

The median is a suitable measure of center for symmetrical distributions, where the data is evenly distributed around the middle.

In such cases, the median provides a representative measure of the central tendency.
The interquartile range also captures the spread of the data within the central 50% and can be used as a measure of variability.

- When there are no outliers in the data set:

While the median and interquartile ranges are resistant to the influence of outliers, they can still be used effectively to compare populations when no outliers are present.

In the absence of outliers, the median accurately represents the central tendency, and the interquartile range provides a robust measure of variability.

Therefore,

When there are outliers in the data sets

When there are no big gaps in the middle of the data sets

When the plots representing the data are symmetrical

When there are no outliers in the data set

Learn more about the interquartile range here:

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Help,please,thankyou ​

Answers

Answer:

C.

Step-by-step explanation:

the answer is D not c

cause try it then see

The circumference of a circle is 80ft. What is the area of the circle? (Rounded to the nearest square foot)

Answers

Answer:

A≈509.3ft^2

Step-by-step explanation:

You find the Area of a Circle with formula A=πr^2

Down below is an example of how you can do so.

So for you problem you are given the circumference of the circle divide 80 by 2 to get 40. 40/3.14=12.73...

A=3.14*12.73...^2

12.73*12.73=162.05...

3.14*162.05=508.84...

Rounded off Area = 509.3

Toni orders school lunch on Mondays, Wednesdays, and Fridays.
On what percentage of weekdays does Toni NOT order school lunch?

Answers

Answer:

60%

If you were to set this equation up it would be 3/5 is equal to x/100. Then you would cross multiply and then divide both sides by 5. Then you would get your answer.

Answer:

60%

Step-by-step explanation:

What is the value, after 7 years, of a 2014 Ford Mustang that originally costs $25,000.00

Answers

Answer:

Use the equation y=a(1-r)^t

In this case y=25,000(1-0.08)^7

Giving you...

$13,946.17

(Round as needed)

Answer:

The rounded answer is 14000

Round to the nearest thousand then subtract

Answers

6000 - 600

If u subtract dis, it would be 5400 :)
the anwser would be 5,400

i need help plzzzzzzz answer this for ten points????

Answers

Answer:

The first one: Kilo-liters to milliliters.

When converting on the metric table, always remember:

Converting from larger to smaller you multiply. Converting from smaller to larger, you divide.

Step-by-step explanation:

Answer:

A

Step-by-step explanation:

May i have brainly

PLEASE

20% as a fraction in simplest form explain

Answers

Answer:

1/5

Step-by-step explanation:

20 goes into 100 5 times

therfore, it is one fifth of one hundred

in percentages, 100 % is the whole number

Answer:

1/5

Step-by-step explanation

A number given as a percent is actually a fraction already, the denominator is out of 100. Now change it to its simplest form by dividing the top and bottom by the HCF, which is 20.

if tan 0= -3/8 which expression is equivalent to cot0?

Answers

Answer:

-8/3

Step-by-step explanation:

should be -8/3

cotangent is the reciprocal of tangent

tan 0 = -3/8

cot 0 = 1/tan 0 = 1 / (-3/8) = 8/-3 = -8/3

Answer: 1/-3/8

Step-by-step explanation:

Please Help Me With This!! I'd Appreciate It So Much!!

Keiko is walking. The number of calories she has burned varies directly with the number of minutes she has walked. See the graph below.

How many minutes does Keiko walk per calorie burned?

Answers

Answer:

5

Step-by-step explanation:

try 5 it should work

5 calories per minute.

The graph shows a proportional relationship where every 10 minutes, 50 calories are burned. Since it is proportional, we can divide 50 by 10 and get 5.

Theo's Survey Results
Eye Color
Brown Blue
Boy
25
25
Gender
Girl
25
25
Theo recorded the gender and eye color of students walking in the hallway at his middle school. What is the
experimental probability in simplest form that the next student he sees will be a boy with brown eyes?

Answers

Answer:

25% or 1/4

Step-by-step explanation:

There altogether 100 boys and girls together and the probability of one color would be 25. Therefore 25/100 would your fraction but it has to be simplified so then the answer would be 1/4

Solve for u:
-10.74=u-(−11)

Answers

Answer:

-21.74

Step-by-step explanation:

-10.74 = u + 11

-10.74 - 11 = u + 11 - 11

-21.74 = u

u = -21.74

Jason is painting a large circle on one wall of his new apartment. The diameter of the circle will be 8 feet. Approximately how many square feet of wall will the circle cover?

Answers

Answer:

about 50.3 feet squared

Step-by-step explanation:

Area of Circle= pi times radius squared

8/2=4

radius=4

4x4=16

Area=16 pi feet

about 50.3 feet sqared

Answer:

50.27

Step-by-step explanation:

Alena is a farmer.
T(A) models the time (in minutes) it takes Alena to plow an area of A square meters.
A
T(A)
100
470
120 180
564 846
When does the plowing time increase faster?
Choose 1 answer:
A
Between an area of 100 square meters and an area of 120 square meters
B) Between an area of 120 square meters and an area of 180 square meters
©
The plowing time increases at the same rate over both intervals

Answers

Answer:

It increases at the same time so C

Step-by-step explanation:

Answer:

choice C: The plowing time increases at the same rate over both intervals.

Step-by-step explanation:

3x2 + 6x - 42 = 0
solve by factoring
thx!

Answers

Answer:

x = -1 + [tex]\sqrt{15}[/tex], -1 - [tex]\sqrt{15}[/tex]

The figure on the grid is the result of enlarging a rectangle by a scale factor of 1.5. On a coordinate plane, a rectangle has a length of 12 and width of 3. Which graph shows the original rectangle? On a coordinate plane, a rectangle has a length of 18 and width of 4. On a coordinate plane, a rectangle has a length of 8 and width of 2. On a coordinate plane, a rectangle has a length of 8 and width of 3. On a coordinate plane, a rectangle has a length of 12 and width of 3.

Answers

Answer:

It is the second option

Step-by-step explanation: I did the review <3

Answer:

B

Step-by-step explanation:

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