Noreen is considering a purchase of a $170,000 home and her bank is
offering her a 5.15% interest rate on a 30-year mortgage with an option of
purchasing points. The bank is requiring a 20% down payment. If she decides
to apply the price of 2 points to her down payment instead, what will her
monthly mortgage payment be? Round your answer to the nearest dollar.​

Answers

Answer 1

Answer:$728

Step-by-step explanation:

Answer 2

Final answer:

To provide Noreen with her new monthly mortgage payment, the cost of 2 mortgage points is added to the original 20% down payment, resulting in a decreased loan amount. A mortgage calculator or formula is then used to determine the monthly payment at a 5.15% interest rate for the new loan amount over 30 years, which would be higher than with the points purchased. Answer : 725$

Explanation:

To calculate Noreen's monthly mortgage payment, we need to first understand the impact of her decision to apply the price of 2 points to her down payment instead of purchasing points. Points are upfront fees paid to the lender at closing in exchange for a reduced interest rate. One point is equal to 1% of the loan amount. However, since Noreen is opting to add the cost of these points to her down payment, we'll calculate her down payment and loan amount without considering a reduction in interest rate.

1. Calculate the down payment:

Noreen's home costs $170,000, and she is required to make a 20% down payment.

Down payment = 20% of $170,000 = 0.20 * $170,000 = $34,000

2. Calculate the cost of 2 points:

Since Noreen is not buying points and instead adding this cost to her down payment, we calculate the initial loan amount to find out how much 2 points would cost.

Initial loan amount without points = $170,000 - $34,000 = $136,000

Cost of 2 points = 2% of $136,000 = 0.02 * $136,000 = $2,720

3. Adjust the down payment:

Noreen decides to add the $2,720 (cost of 2 points) to her down payment.

New down payment = $34,000 + $2,720 = $36,720

4. Calculate the new loan amount:

New loan amount = Home price - New down payment = $170,000 - $36,720 = $133,280

Now, we use the loan amount of $133,280 and the original interest rate of 5.15% to calculate the monthly mortgage payment over a 30-year term.

The formula for monthly mortgage payments is:

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

First, calculate the monthly interest rate:

[tex]\[r = \frac{0.0515}{12} = 0.00429167\][/tex]

Then, plug in the values into the formula:

[tex]\[M = 133,280\frac{0.00429167(1+0.00429167)^{360}}{(1+0.00429167)^{360} - 1}\][/tex]

This calculation can be complex, so it's often easiest to use a mortgage calculator or financial calculator to compute \(M\).

When you perform this calculation, you should get:

[tex]\[M \approx 725\][/tex]

Thus, Noreen's monthly mortgage payment would be approximately $725 when rounded to the nearest dollar. Please note, the exact payment can slightly vary based on the precision of the interest rate conversion and the calculation method.


Related Questions

How do you use descriptive property to solve 48÷3

Answers

Answer:

16

Step-by-step explanation:

48/3=16

I will mark as brainiest who ever get this right

You are preparing cookies using a recipe that serves 240 people. However, you only want to make enough for 60 people. The original recipe is as follows:


9 cups all-purpose flour

4 teaspoons baking soda

4 teaspoons salt

4 cups butter

3 cups granulated sugar

3 cups packed brown sugar

4 teaspoons vanilla extract

8 large eggs

8 cups Semi-Sweet Chocolate Morsels


How much of each ingredient should you use to make a batch of these cookies for 60 people?

Answers

Answer:

2.25 cups of flour

1 teaspoon of baking soda

1 teaspoon of salt

1 cup of butter

0.75 cups of granulated sugar

1 teaspoon of vanilla extract

2 large eggs

2 cups of Semi-Sweet Chocolate Morsels

Step-by-step explanation:

The ingredients should be 4 times less than the original ones because 240:4=60

8+5y=(8y-6)-7 how to work it out

Answers

the solution is y = 7

Step-by-step explanation:

Given equation is

[tex]8+5y=(8y-6)-7[/tex]

The equation has to be solved for y

So,

Opening brackets first

[tex]8+5y=8y-6-7\\8+5y=8y-13[/tex]

Subtracting 8 from both sides

[tex]8+5y-8=8y-13-8\\5y=8y-21[/tex]

subtracting 8y from both sides

[tex]5y-8y = 8y-21-8y\\-3y=-21y[/tex]

Dividing both sides by -3

[tex]\frac{-3y}{-3} = \frac{-21}{-3}\\y = 7[/tex]

so,

the solution is y = 7

Keywords: Linear equation, variables

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HELP!!!!!!!!!!!!!!!!!!!!!!!!!!!

Answers

Answer:

D.

Step-by-step explanation:

How to draw two lines with slope 3/4

Answers

Just make sure that the line goes 4 unit to the right as it goes 3 units up.

If you have a grid you need to fill in you can plot these points, and pass through them with a line.

y=3/4x: (0,0) and (4,3)

y=3/4x+1: (0,1) and (4,4)

Find the number of roots for each equation.
5. 5x4 + 12x3 – x2 + 3x + 5 = 0

Answers

Answer:

The number of roots for  equation [tex]5x^4 + 12x^3 – x^2 + 3x + 5 = 0[/tex] is 4 .

Step-by-step explanation:

Here, the given function polynomial is :

[tex]P(x) : 5x^4 + 12x^3 – x^2 + 3x + 5 = 0[/tex]

The Fundamental Theorem of Algebra says that a polynomial of degree n will have exactly n roots (counting multiplicity).

Now here, the degree if the polynomial is 4 (highest power of variable x).

So, according to the Fundamental Theorem, the given polynomial can have AT MOST 4 roots, counting Multiplicity.

Hence,  the number of roots for  equation [tex]5x^4 + 12x^3 – x^2 + 3x + 5 = 0[/tex] is 4 .

F(x) = -3x +20; f(8)

Answers

Answer:

f(8)=-4

Step-by-step explanation:

f(x)=-3x+20

f(8)=-3(8)+20

f(8)=-24+20

f(8)=-4

What 5 fractions are between -8/10 and -4/5

Answers

Final answer:

The student's request for fractions between -8/10 and -4/5 cannot be fulfilled because these two fractions are equivalent. To provide a meaningful answer, it's assumed that the intended question is to find fractions between -8/10 and -9/10, for which examples are given.

Explanation:

The question is asking for five fractions that are between -8/10 and -4/5. First, notice that -8/10 is equivalent to -4/5, so we actually need to find fractions between two identical values. This is not possible as no fractions can exist between two identical numbers. However, assuming that the question intends for incremental fractions between two different numerators with the same denominator, we could consider finding fractions between -8/10 and -9/10, or between -7/10 and -8/10.

For simplicity, let's find five fractions between -8/10 and -9/10:

-17/20

-18/20

-19/20

-39/40

-79/80

These fractions are chosen because they simplify to values that lie between -8/10 and -9/10 when reduced to the same denominator.

3x + 2y = 12
2x + 5y = 8
process of elimination? how do I get the answer for this kind of question?​

Answers

Answer:

(4, 0)

Step-by-step explanation:

To use elimination, you need to make the coefficients of one of the variables the same in each equation.  For example, we can multiply the first equation by 2 and the second equation by 3:

6x + 4y = 24

6x + 15y = 24

Now we can subtract the equations, eliminating the x terms.

(6x + 15y) − (6x + 4y) = 24 − 24

11y = 0

y = 0

Now plug into either equation to find x.

3x + 2y = 12

3x + 0 = 12

x = 4

Select the correct expressions and value.
Identify the expressions and the value equivalent to 4 times 3 cubed.
3x3°) 4 x 3" 108 243
4x3*3*3] 3x4x4x4 4+3+3+3]

Answers

Answer:

Step-by-step explanation:

4*3^3=4*3*3*3=4*9*3=4*27=108

3. Sherri bought a package of pens that contained 15 pens. How many packages should she
buy if she needs 240 pens?​

Answers

Answer:

16 packages

Step-by-step explanation:

240 / 15 = 16 packs

COEFFICIENT for 4x + 6

Answers

Answer:

4

Step-by-step explanation:

Answer:

4

Step-by-step explanation:

If 1 inch represents 10 miles on a map, then how many inches will represent 120 miles?

Answers

Answer:

12

Step-by-step explanation:

120 divide by 10

Answer:

12

Step-by-step explanation:

120/10

Cheryl is organizing her movie collection. If each movie case is
7 inch wide, how many movies can fit on a shelf 5 feet wide?​

Answers

Answer:

The number of movies that can can fit on shelf of 5 feet is 9 .

Step-by-step explanation:

Given as :

The measure of each movies case = 7 inches wide

Let the number of movies for 5 feet wide = n

Now ,

∵ 1 feet = 12 inches

∴ 5 feet = 12 × 5 = 60 inches

I.e 5 feet = 60 inches

Now, Again

For 7 inches wide  , the number of movies = 1

So, for 1 inch wide case, the number of movies = [tex]\frac{1}{7}[/tex]

∴ For 60 inches wide case, the number of movies = [tex]\frac{1}{7}[/tex] × 60

I.e For 60 inches wide case, the number of movies = 8.57 ≈ 9

Hence the number of movies that can can fit on shelf of 5 feet is 9 . Answer

Pleaseeee helpppp...

Answers

Answer:

The Proof is given below.

Step-by-step explanation:

Given:

1.[tex]\overline{ZW}\ ||\ \overline{YX}[/tex]

2.[tex]\overline{ZW} \cong \overline{YX}[/tex]

To Prove:

Δ XYZ ≅ Δ ZWX

Proof:

[tex]\overline{ZW}\ ||\ \overline{YX}[/tex].........{given}

∴ ∠ WZX ≅ ∠YXZ  ...{if lines are parallel then alternate angles are equal}..( 1 )

Now, In  Δ XYZ and Δ ZWX  

               XY ≅ ZW          ……….{Given}

         ∠ YXZ ≅ ∠ WZX    ..……..{ Alternate Angles Property or From ( 1 )}

               XZ ≅ ZX           ……….{Reflexive Property}

     ∴  Δ XYZ ≅ Δ ZWX    ….......{By Side-Angle-Side test}

..Proved

2+2+2+2x1=What I have no clue please help

Answers

Answer:

8

Step-by-step explanation:

Im guessing that the x means multiplication

so PEMDAS

so 2 times 1 is 2 so basically it is now

2+2+2+2= 8

Answer:

Your answer is 8 :)

Step-by-step explanation:

2+2 is 4

4+2 is 6

6+2 is 8

Then 8 times 1 is 8, because anything times 1 is that number!

Hope it helps!!

Jamie buys 3 snacks and 2 bottles of juice.
Each snack costs $0.75, and each bottle of juice costs j dollars.
The total cost of the snacks and bottles of juice is $6.75.
Which of the following equations could be used to find the cost of a bottle of juice, in dollars?
(A) 0.75 + 2= 6.75
B 2.25 +2j = 6.75
c (3 (0.75 + 2) = 6.75
D) 5 (0.75 +j) = 6.75​

Answers

B. 2.25+2j=6.75 That’s the answer I got

Answer:

B is the only possible answer

Step-by-step explanation:

A - 0.75+2 doesn't equal 6.75

C - 3*2.75 = 8.75 not 6.75

D - there is two juice bottles not one so it should be 2j not just j

And thank you

Which situation is best modeled by the equation
7-x=3?
CLEAR
CHECK
You spend $7 to enter a theme park, and then $3 per ride.
Three friends each get an equal share of the $7 they
earned.
You have some money left after you spend $7 and $3.
The price of a book, $7, was lowered by some amount to
$3.​

Answers

Answer:

Step-by-step explanation:

The last one

The equation 7 - x = 3 is best modeled by the situation where the original price of a book at $7 is lowered by an amount of $4 to reach the final price of $3.

The given equation 7 - x = 3 can be used to model a situation where the price of a book, originally $7, is reduced by some amount to $3. After solving the equation by subtracting 7 from both sides and then multiplying by -1, we get x = 4. This means the amount reduced from the original price is $4, which is consistent with a price reduction scenario: the book's original price was $7, and it was reduced by $4, bringing the final price to $3.

You begin with $90 in your savings account and your friend begins
with $35 in her savings account. You deposit $10 in savings each
week, and your friend deposits $15 in savings each week.

Answers

Answer:

Your friend is wrong.

Step-by-step explanation:

Your total money: y= 10x+9

Friend's total money: y=15x+35

10x+9=15x+35 --> x=weeks=10

190=185

Use mental math. A resort has 380 rooms with space for 6 people. Estimate the greatest number of people who could be in these rooms at the same time. Explain your thinking to a friend or family member. (Don’t do the last part. That was just in the instructions T-T)

Answers

Answer:

6 people

Step-by-step explanation:

Since the resort has 380 rooms with space for 6 people, only 6 people can be in these rooms at the same time.

Note: It was not said that each room has space for 6 people but the hotel has space for 6 people

Irrespective of the number of rooms available, the space limit is 6, hence not more than 6 people can be accommodated.

What is the slope intercept for 7x + 8y = -48

Answers

The slope-intercept form for given equation is:

[tex]y = -\frac{7}{8}x-6[/tex]

Step-by-step explanation:

Given equation is:

[tex]7x+8y = -48[/tex]

The given equation is in standard form. The slope-intercept form is:

[tex]y =mx+b[/tex]

Ao, to convert the given equation to slope-intercept form

Subtracting 7x from both sides

[tex]7x-7x+8y = -7x-48\\8y = -7x-48[/tex]

Dividing both sides by 8

[tex]\frac{8y}{8} = \frac{-7x-48}{8}\\y=-\frac{7}{8}x-\frac{48}{8}\\y = -\frac{7}{8}x-6[/tex]

The slope-intercept form for given equation is:

[tex]y = -\frac{7}{8}x-6[/tex]

Keywords: slope-intercept form, Standard form of equation

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(2x^3-4x^2-3x-9) ÷ x-3

Answers

Answer:

2x squared + 2x + 3

Step-by-step explanation:

you can either use synthetic division or use long division. either way will work. search up synthetic and long division on y___ube and you should get it

please solve with working much appreciated!

Answers

Answer:

Step-by-step explanation:

First you need to find the are between everything

So SA= 1/2 length time width.

I am also pretty sure then you find the circumference and diameter of a circle.

The answer is 153 degrees

triple 9, then multiply 7 by the result in an EXPREESION.​

Answers

Answer:

27 x 7=X

Step-by-step explanation:

Answer:

Step-by-step explanation:

7+7+7=21*7=147

simplify
-4(11+4n)-3(-2n+9)

Answers

Answer:

-71-10n

Step-by-step explanation:

-4(11+4n)-3(-2n+9)

-44-16n+6n-27

-44-27-10n

-71-10n

2y+3y-6(y+2)=-y+6 solve for y

Answers

Answer:

No solution.

Step-by-step explanation:

Add similar elements: 2y + 3y = 5y

5y - 6 (y + 2) = -y + 6

Apply the distributive Law:

6y - 6 x 2 = 6y - 12

5y - 6y - 12 = -y + 6

Add similar elements: 5y - 6y = -y

-y - 12 = -y + 6

Add 12 to both sides:

-y - 12 + 12 = -y + 6 + 12

Simplify:

-y = -y + 18

Add y to both side:

-y + y = -y + 18 + y

Simplify:

0 = 18

No Solution

Hope this helps

Please help

AB=AD and BC=DC

Answers

Answer:

The value of x  in the given figure is  110°

Step-by-step explanation:

Here, In ΔABD,

AB=AD and  ∠ ABD =  35°

Now, ANGLES OPPOSITE TO EQUAL SIDES ARE EQUAL.

      As,  AB=AD

⇒ ∠ ABD =   ∠ ADB =    35°  

Now, In ΔABD,  by ANGLE SUM PROPERTY:

∠ ABD  + ∠ ADB +   ∠ DAB  =  180°

⇒ 35°   + 35°   + x  = 180°  

or,  x = 180°  - 70°  = 110°

⇒ x  = 110°

Hence, the value of x  =  110°

Answer:

110

Step-by-step explanation:

Since AB=AD, AB = 35 so that means AD = 35. 35+35=70. A triangle is 180, so 180-70=110

I completed 2/3 of my project last month and 1/4 of it this week what fraction is completed

Answers

Answer: [tex]\frac{11}{12}[/tex]

Step-by-step explanation:

Since we are looking for the total fraction completed , all we need do is to add the fraction completed last month and the fraction completed this week , that is

[tex]\frac{2}{3}[/tex] + [tex]\frac{1}{4}[/tex]

The L.C.M is 12 , so we have

[tex]\frac{2}{3}[/tex] + [tex]\frac{1}{4}[/tex] =[tex]\frac{8 +3}{12}[/tex]

= [tex]\frac{11}{12}[/tex]

Therefore 11/12 is completed

Answer:

You completed 11/12 of your project.

Step-by-step explanation:

Change into a common denominator: 2/3 = 8/12 and 1/4 = 3/12

8/12 + 3/12 = 11/12

Solve.
5. During the summer, Jayden
volunteers at the library for 20 hours
each week for 7 weeks. How many
hours does Jayden volunteer in all?

Answers

Answer:

140 hours

Step-by-step explanation:

Because you do 20 hours times 7 weeks because it says in all so you do 20 times 7 which equals 140 hours

During the first half of a college basketball game, 24,196 people entered the athletic center. During the second half, 2,914 people left and 4,819 people entered. How many people were in the athletic center at the end of the game?​

Answers

There were 26,101 people in the athletic center at the end of game.

Step-by-step explanation:

Number of people entered = 24196

Number of people left during second half = 2914

Remaining people = 24196 - 2914 = 21282

People entered during second half = 4819

Total people at the end of game = Remaining people + People entered during second half

Total people at the end of game = [tex]21282+4819=26101[/tex]

There were 26,101 people in the athletic center at the end of game.

Keywords: subtraction

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