You want to get a home loan that nets you $180,000 after paying a fee to your lender of .0225 of the loan amount and additional fees of $3200 (for an appraisal , title fees, etc). What does the loan amount have to be so your net proceeds will be $180,000?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
You want to get a home loan that nets you $180,000 after paying a fee to your lender of .0225 of the loan amount and additional fees of $3200 (for an appraisal , title fees, etc). What does the loan amount have to be so your net proceeds will be $180,000?
Answer in the back of the book: $187,416.88
please help me set up the equation needed to solve and get the correct answer.
Given,
Net amount of home loan needed
Loan fee of the loan amount
Additional fees
We have to find the loan amount, so that net proceeds will be .
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