Sydney and Jacques are taking out a $175,000 mortgage to buy a house. The interest rate on the loan is 3.9% for 30 years. What will be their finance charge? A. $825.42 B. $122,150.97 C. $204,750.00 D. $81,900.00

Sydney and Jacques are taking out a $175,000 mortgage to buy a house. The interest rate on the loan is 3.9% for 30 years. What will be their finance charge? A. $825.42 B. $122,150.97 C. $204,750.00 D. $81,900.00

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,...

See similar textbooks

Related questions

Q: Consider a student loan of $12,500 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

A: (a) Obtain the monthly payment as follows.

Q: You have a credit card with a balance of $1,500 and APR of 15% (assume simple interest)A. What is…

A: There are 52 weeks in an year. Annual percentage rate = 15%. Therefore, weekly interest rate =0.288…

Q: Determine the effect on the balance sheet after the following transaction. You sell a product…

A: You sell a product purchased for $750 for $1,500.00 We know, Owner's Equity = Investment -…

Q: The price of a home is $227,000. The bank requires a 20% down payment and three points at the time…

Q: Iris Chung has a 15-year mortgage loan at an annual interest rate of 7.5%. After making payments of…

A: To determine the loan payoff value.

Q: What is the time period of a loan for $3,0000, at 10% ordinary Interest, if the amount of Interest…

A: Given information Principal amount P=$3,000 Rate of interest r=10% Amount of interest is I=$125.00…

Q: Ransford and Alda Mariano own a home recently appraised for $428,500. The balance on their existing…

A: The appraised value of the home is $428,500.

Q: Calculate

Q: Mrs. Salas owns a bookstore, she buys used from customers for $0.75 each. Mrs. Salas resells the…

Q: Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed…

A: To calculate the monthly principal and interest payment for a mortgage, using the standard formula…

Q: On September 26, 2010, Eric received $5,000 from his father. He settled this amount on March 6, 2011…

A: Given that on September Eric received from his father. He settled this amount on March with…

Q: Owen wants to purchase a new van for his business. The van costs $38,000. He wishes to take out a 48…

Q: You want to buy a $31,000 car. The company is offering a 2% interest rate for 60 months (5 years).…

A: Given that the present value PV=$31000Interest rate r=2%=2100=0.02Componded monthly…

Q: Find a formula for the inverse of the following function, if possible. s(x) = = -4 3x-3

A: Given s(x) = -43x - 3s-1(x) = ?

Q: 6 You have a 7-year car loan in the amount $17,000 with APR of approximately 10%. Your payments are…

Q: 5. Rachel is considering moving into a one-bedroom apartment in Glen Gardens. The apartment has a…

Q: Ahmed purchased a Television for RO 800 with a down payment of 15%. The loan is taken from Bank…

A: The expression, x% of y is evaluated as follows. x% of y=x100·y=xy100 For example, 5% of 200 is…

Q: Liz and Nick are buying a $725,000 home. They have been approved for a 3.25% APR, 30-year mortgage.…

Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…

A: Monthly interest rate = 0.5 % yearly interest rate = 005*12 =6 %Loan amount = 320,000 $monthly…

Q: Ahmed purchased a Television for RO 800 with a down payment of 15%. The loan is taken from Bank…

Q: The hire purchase price of a table is $700.00 dollars. Mark buys the table by making a down payment…

Q: What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the…

Q: Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer…

A: Given information: Purchase price =$28,000 I= 6% N1=12 N2=48 Estimate the monthly payment: Loan…

Q: An amount of $2614 is borrowed at a discount interest rate of 8% and the length of the loan is 4…

A: Borrowed amount = $2614 is borrowed at Discount interest rate = 8% and the length of the loan is 4…

Q: 3. The Conklins' went out to eat at a sit-down restaurant. Dad's meat was $12.99. Mom ordered an…

A: To find: The total cost of the meal. Given information: Dad's meal was $12.99. Mom ordered an $8.99…

Q: 1. Enrique takes out a student loan to pay for his college tuition this year. Find the interest on…

Q: Lavenia borrowed P12,500 from a loan firm. She promised to pay after 215 days at 8.75% interest.…

A: Given query is to find the simple interest and the amount.

Q: James has a mortgage of $96,500 at 4% for 15 years. The property taxes are $3,900 per year, and the…

A: NOTE: Refresh your page if you can't see any equations. . here we have L=96500 r=4% t=15 years The…

Q: For the following loan, make a table showing the amount of each monthly payment that goes toward…

A: According to bartleby expert guildline I am solving the 1st question for another question you send…

Q: 8. Natalie recently purchased her first home for $166 000. Calculate the amount of Natalie's…

Question

100%

35. Sydney and Jacques are taking out a $175,000 mortgage to buy a house.
The interest rate on the loan is 3.9% for 30 years. What will be their finance
charge?
A. $825.42
B. $122,150.97
C. $204,750.00
D. $81,900.00

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Consider a 30-year fixed-rate home loan of $515,500 with an interest rate of 3.75%. What is the total amount of interest paid? (Round your answer to the nearest cent.) $
A patient’s insurance policy states:Annual deductible: $300.00Coinsurance: 70-30This year the patient has made payments totaling $533 to all providers. Today the patient has an office visit (fee: $80). The patient presents a credit card for payment of today’s bill. What is the amount that the patient should pay?
Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472
6. Dewayne opened a savings account 4 years ago with a $1400 deposit. He has left the account alone since then, and the savings account has earned 6.5% simple interest each year. How much money is in Dewayne savings account now? A. $910 B. $1491 C.$1764 D. $2310
You buy items costing 3,000 and finance the cost with a simple interest fixed installment loan at 5% simple interest per year. The finance charge is 600.00. A. How many years will you be paying? B. What is your monthly payment?