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15. Keith ignores the afford the payme lo the $350,000 hou the two houses a this investment a

15. Keith ignores the afford the payme lo the $350,000 hou the two houses a this investment a

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Help with the last question number 15. There is a picture with some of the solutions

(bio teonen on ae)lla n Saran and Keith are purchasing a house together. Keith would like to purchase ahouse for $600,000. Sara is a bit more conservative and would like to purchase a house for $350.000, In both situations they can put $70,000 dov Peir down payment on each house. They can obtain a 30-year mortgage at 4.5% compounded monthly. 1ed lliw isdW 12. Calculate the amount to be borrowed for each house. 16llob 1200em 3. 13. Calculate the payments for each house (round to nearest penny).wolf 14. Calculate the total cost of each house (excluding closing costs, property taxes, maintenance, etc.) (round to nearest dollar). 15. Keith ignores the total cost of the $600,000 house and argues that they can afford the payments so they should buy it. Sarah suggests that they purchase ilo the $350,000 house and invest the difference in monthly payments between the two houses at 7% compounded monthly for 30 years. How much would eg this investment amount to (round to nearest dollar)?
Transcribed Image Text:(bio teonen on ae)lla n Saran and Keith are purchasing a house together. Keith would like to purchase ahouse for $600,000. Sara is a bit more conservative and would like to purchase a house for $350.000, In both situations they can put $70,000 dov Peir down payment on each house. They can obtain a 30-year mortgage at 4.5% compounded monthly. 1ed lliw isdW 12. Calculate the amount to be borrowed for each house. 16llob 1200em 3. 13. Calculate the payments for each house (round to nearest penny).wolf 14. Calculate the total cost of each house (excluding closing costs, property taxes, maintenance, etc.) (round to nearest dollar). 15. Keith ignores the total cost of the $600,000 house and argues that they can afford the payments so they should buy it. Sarah suggests that they purchase ilo the $350,000 house and invest the difference in monthly payments between the two houses at 7% compounded monthly for 30 years. How much would eg this investment amount to (round to nearest dollar)?
LIDrary help with this questions 2 Value of house 3 Down payment $600,000.00 $350,000.00 $ 70,000.00 $ 70,000.00 Loan amoumt 24530,000.00 $280,000.00 7 b. 8 Interest rate 9 No. of years 10 Monthly rate 11 No. of payments 4.50% 30 0.38% 360 4.50% 30 0.38% 360 12 13 Payment amount $2,685.43 $1,418.72 14 15 C. 16 Total payments made $966,755.57 $510,738.79 17 18 Total cost of house $1,036,756 $580,739 19 Step 4 1 Particulars 2Value of house 3 Down payment Kelth 600000 70000 Sarah 350000 70000 sa. Loan amoumt B2-B3 =C2-C3 7 b. 8 Interest rate 9 No. of years 10 Monthly rate 11 No. of payments 0.045 30 =B8/12 =B9 12 0.045 30 -C8/12 C9*12 6. 12 13 Payment amount ЕРМТ В 10,В11,-B5,0) |-РМТ(С 10,С11,-С5,0) 15 16 Total payments made=B13 B11 =C13 C11 17 13Total cost of house 3DB16+B3 C16+C3 19
Transcribed Image Text:LIDrary help with this questions 2 Value of house 3 Down payment $600,000.00 $350,000.00 $ 70,000.00 $ 70,000.00 Loan amoumt 24530,000.00 $280,000.00 7 b. 8 Interest rate 9 No. of years 10 Monthly rate 11 No. of payments 4.50% 30 0.38% 360 4.50% 30 0.38% 360 12 13 Payment amount $2,685.43 $1,418.72 14 15 C. 16 Total payments made $966,755.57 $510,738.79 17 18 Total cost of house $1,036,756 $580,739 19 Step 4 1 Particulars 2Value of house 3 Down payment Kelth 600000 70000 Sarah 350000 70000 sa. Loan amoumt B2-B3 =C2-C3 7 b. 8 Interest rate 9 No. of years 10 Monthly rate 11 No. of payments 0.045 30 =B8/12 =B9 12 0.045 30 -C8/12 C9*12 6. 12 13 Payment amount ЕРМТ В 10,В11,-B5,0) |-РМТ(С 10,С11,-С5,0) 15 16 Total payments made=B13 B11 =C13 C11 17 13Total cost of house 3DB16+B3 C16+C3 19
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