A person purchased a house 10 years ago for $160,000 . The house was financed by paying 20 % down and signing a 30-year mortgage at 7.75 % on the unpaid balance. Equal monthly payments were made to amortize the loan over a 30 -year period. The owner now (after the 120 th payment) wishes to refinance the house due to a need for additional cash. If the loan company agrees to a new 30-year mortgage of 80 % of the new appraised value of the house, which is $225,000 , how much cash (to the nearest dollar) will the owner receive after repaying the balance of the original mortgage?
A person purchased a house 10 years ago for $160,000 . The house was financed by paying 20 % down and signing a 30-year mortgage at 7.75 % on the unpaid balance. Equal monthly payments were made to amortize the loan over a 30 -year period. The owner now (after the 120 th payment) wishes to refinance the house due to a need for additional cash. If the loan company agrees to a new 30-year mortgage of 80 % of the new appraised value of the house, which is $225,000 , how much cash (to the nearest dollar) will the owner receive after repaying the balance of the original mortgage?
Solution Summary: The author calculates the amount of cash received by the owner after paying the balance of the original mortgage.
A person purchased a house
10
years ago for
$160,000
. The house was financed by paying
20
%
down and signing a 30-year mortgage at
7.75
%
on the unpaid balance. Equal monthly payments were made to amortize the loan over a
30
-year period. The owner now (after the
120
th
payment) wishes to refinance the house due to a need for additional cash. If the loan company agrees to a new 30-year mortgage of
80
%
of the new appraised value of the house, which is
$225,000
, how much cash (to the nearest dollar) will the owner receive after repaying the balance of the original mortgage?
2. Consider the ODE
u' = ƒ (u) = u² + r
where r is a parameter that can take the values r = −1, −0.5, -0.1, 0.1. For each value of r:
(a) Sketch ƒ(u) = u² + r and determine the equilibrium points.
(b) Draw the phase line.
(d) Determine the stability of the equilibrium points.
(d) Plot the direction field and some sample solutions,i.e., u(t)
(e) Describe how location of the equilibrium points and their stability change as you increase the
parameter r.
(f) Using the matlab program phaseline.m generate a solution for each value of r and the initial
condition u(0) = 0.9. Print and turn in your result for r = −1. Do not forget to add a figure caption.
(g) In the matlab program phaseline.m set the initial condition to u(0) = 1.1 and simulate the ode
over the time interval t = [0, 10] for different values of r. What happens? Why? You do not need to
turn in a plot for (g), just describe what happens.
The following are suggested designs for group sequential studies. Using PROCSEQDESIGN, provide the following for the design O’Brien Fleming and Pocock.• The critical boundary values for each analysis of the data• The expected sample sizes at each interim analysisAssume the standardized Z score method for calculating boundaries.Investigators are evaluating the success rate of a novel drug for treating a certain type ofbacterial wound infection. Since no existing treatment exists, they have planned a one-armstudy. They wish to test whether the success rate of the drug is better than 50%, whichthey have defined as the null success rate. Preliminary testing has estimated the successrate of the drug at 55%. The investigators are eager to get the drug into production andwould like to plan for 9 interim analyses (10 analyzes in total) of the data. Assume thesignificance level is 5% and power is 90%.Besides, draw a combined boundary plot (OBF, POC, and HP)
Chapter 3 Solutions
Finite Mathematics for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
A Problem Solving Approach To Mathematics For Elementary School Teachers (13th Edition)
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