Final answer:
The outstanding balance on Joe Jay's mortgage after the first payment cannot be determined without the monthly payment amount. Typically the initial payments are mainly applied to interest, so the principal would remain close to the financed amount of $208,000.
Explanation:
Joe Jay made a 20% down payment on a $260,000 home, which equals $52,000 ($260,000 * 0.20). The remaining balance he would need to finance through a mortgage would be $260,000 - $52,000 = $208,000. To find out the balance outstanding after the first payment, we would typically use an amortization formula or a financial calculator, considering the 6.5% annual interest rate and the 25-year term of the mortgage. Unfortunately, without additional information such as the monthly payment amount, we cannot calculate the exact principal balance outstanding after the first payment. Generally, the first few payments in an amortization schedule primarily cover interest, so the principal would not change much from the initial $208,000.
Final answer:
The principal after the first payment has an outstanding balance of $206,830.79.
Explanation:
To find the principal after the first payment, we need to calculate the amount of the loan that remains after the down payment and the first payment.
Step 1: Calculate the down payment amount by multiplying the purchase price by the down payment percentage: $260,000 * 0.20 = $52,000.
Step 2: Calculate the loan amount by subtracting the down payment from the purchase price: $260,000 - $52,000 = $208,000.
Step 3: Calculate the monthly interest rate by dividing the annual interest rate by 12: 6.5% / 12 = 0.00542.
Step 4: Calculate the principal after the first payment by subtracting the monthly payment from the remaining loan balance: $208,000 - $1,169.21 = $206,830.79.
Therefore, the outstanding balance after the first payment is $206,830.79.
how do you write 84,052 in word form
June Elloy makes a 22 percent down payment on a home in Rockford, Illinois. What is the purchase price of the home assuming her down payment is $35,200?
Answer:
Total purchase price of of the home is $160000
Step-by-step explanation:
We know that
Percent of down payment June Elloy makes = 22 %
Down payment is = $35200
Let x be the total purchase price.
Therefore,
22 % of x = 35200
( 22 / 100 ) times x = 35200
0.22 times x =35200
x = 35200 / 0.22
= 160000
Thus, total purchase price of of the home is $160000
There were 3,905 more hits on the school’s website in January than February. February had 9,854 hits.
How many hits did the school’s website have during both months?
My bathroom floor measures 3 feet by 3 feet. I can choose between a ceramic tile floor costing $3.75 per square foot or linoleum costing $32.99 per square yard. Which is cheaper, ceramic title floor or linoleum floor?
After calculating the total costs, linoleum flooring for a 3 feet by 3 feet bathroom floor is cheaper at $32.99 compared to ceramic tile flooring which costs $33.75.
The student's question is about comparing the costs of two different types of flooring options: ceramic tile and linoleum. To determine which is cheaper, we need to calculate the total cost of each option for a bathroom floor that measures 3 feet by 3 feet.
First, for the ceramic tile option, we can calculate the area of the bathroom floor (which is length times width), giving us 3 feet × 3 feet = 9 square feet. Next, we multiply the area by the cost per square foot of the ceramic tile: 9 square feet × $3.75 per square foot = $33.75.
For the linoleum option, we need to convert the area of the floor from square feet to square yards because the linoleum is sold by the square yard. There are 9 square feet in a square yard, so the floor area in square yards is 9 square feet ÷ 9 square feet per square yard = 1 square yard. Therefore, the total cost for linoleum would be 1 square yard × $32.99 per square yard = $32.99.
Comparing the two totals, we can see that the cost of linoleum at $32.99 is cheaper than the ceramic tile option which costs $33.75.
Population of the world was 5.7 billion in 1995 and the observed growth rate was 2% per year. By what year will the population triple?
suppose f(x)=33.3+1.4 log (x+1) models salinity of ocean water to depths of 1000 meters at a certain latitude. x is the depth in meters and f(x) is in grams of salt per kilogram of seawater. Approximate the salinity to the nearest hundredth when the depth is 785 meters
what is 3400 as a decimal answer asap
Sherry had an ending balance of $125.36, outstanding deposits of $153.53, and outstanding checks of $100.19. What was her checkbook balance?
Answer: $178.70
Step-by-step explanation: $125.36 + $153.53 = $278.89
$278.89 - $100.19 = $178.70
"lucy owns a bakery in 2006 she sold pies for $9.50 each in 2010 she sold pies for $17.50. Find the rate of change for the price of a pie from 2006 to 2010"
Applying it's concept, it is found that the rate of change for the price of a pie from 2006 to 2010 is of $2 a year.
What is the rate of change?It is given by the change in the output divided by the change in the input.
In this problem, in 4 years, from 2006 to 2010, the price increased $8, from $9.50 to $17.50. Hence, the rate of change is given by:
r = 8/4 = 2.
Thus, the rate of change for the price of a pie from 2006 to 2010 is of $2 a year.
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Factor out the GCF from each term in the expression
3. 30w5 + 25w3
4. 3x(7x + 1) – 2(7x + 1)
how do you turn a fraction into a whole number
The temperature decreased overnight by 15.2°C to a temperature of –12.8°C. Suppose t represents the temperature before it decreased.
Which equation can be used to represent this situation?
A.
t – 15.2 = –12.8
B.
t + 12.8 = –15.2
C.
t – 12.8 = 15.2
D.
t – (–15.2) = –12.8
Answer:
12.8
Step-by-step explanation:
You are building a chair. The plans call for 1/2 inch nails. Your nails are 3/4 inch long. Are your nails too long are too short
The plans call for 1/2 inch nails, but the nails you have are 3/4 inch. Therefore, your nails are too long.
Explanation:The chair plans call for 1/2 inch nails, but the nails you have are 3/4 inch long. When comparing these lengths, you can see that 3/4 is greater than 1/2. Therefore, your nails are too long for what the plans call for.
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Two accounts each begin with a deposit of $5000. Both accounts have rates of 5.7%, but one account compounds interest once a year while the other account compounds interest continuously. Show the amount in each account and the interest earned after one year, five years, ten years, and 20 years.
An election ballot asks voters to select four city commissioners from a group of
twelve candidates. In how many ways can this be done?
In a fraternity with 37 members,18 take math 5 take both math and chemistry and 8 take neither math nor chemistry. How many take chemistry but not math
Answer:
its 11 members
Step-by-step explanation:
Kohl's sells casual shirts for $9 and Poles shirts for $18. Total sales $1080, and customers bought 4 times as many casual as polo shirts. How many casual shirts did kohl sells?
a stereo is marked down $75. If this is a 15% decrease find the sale price. How do you work this problem out?
Answer:
The selling price is $425.
Step-by-step explanation:
Given information:
Marked down price = $75
15% decrease = $75
Let x be the market price.
[tex]x\times \frac{15}{100}=75[/tex]
[tex]0.15x=75[/tex]
Divide both sides by 0.15.
[tex]x=500[/tex]
The market price is $500.
Selling price = Market price - Marked down
Selling price = $500 - $75
Selling price = $425
Therefore, the selling price is $425.
Estimate each Quotient
1) 59,628 divide by 73
2) 361,245 divide by 58
3) 104,392 divide by 64
REALLY NEED IT! Thanks ;) also pls show work
21/24 reduced fraction
What is -2 3/10 as a improper fraction?.
A certain component is critical to the operation of an electrical system and must be replaced immediately upon failure. If the mean lifetime of this type of component is 100 hours and its standard deviation is 30 hours, how many of the components must be in stock so that the probability that the system is in continual operation for the next 2000 hours is at least .95?
To calculate the stock required for continuous operation for 2000 hours with components having a mean lifetime of 100 hours and a standard deviation of 30 hours, use the Z-score for a 0.95 probability and solve for the number of components. This involves applying the normal distribution.
Explanation:Calculating Stock Quantity for Component ReplacementThe given problem requires calculating the number of electrical components that must be in stock to ensure continuous operation of an electrical system for 2000 hours. We are to assume that the components have a mean lifetime of 100 hours and a standard deviation of 30 hours. The aim is to keep the probability of the system running without interruption at 0.95 or higher.
Firstly, determine the number of lifetimes within the 2000-hour period:
2000 hours / 100 hours = 20 lifetimes.
Next, apply the concept of the normal distribution to find the z-score that corresponds to the 0.95 cumulative probability. Looking at z-tables or using statistical software, we find that the z-score for 0.95 is approximately 1.645.
Now, calculate the stock required using this z-score. The formula for the z-score in this context is:
Z = (X - mean) / (standard deviation / sqrt(n))
where X is the total hours (2000), mean is 100, standard deviation is 30, and n is the number of components.
Rearrange the formula to solve for n:
1.645 = (2000 - (100n)) / (30 / sqrt(n))
Solve for n to get the required number of components in stock.
This is a complex statistics problem that requires knowledge of z-scores and the normal distribution to solve. Given that this requires more complex calculations and potentially the use of calculators or software, a more detailed step-by-step calculation may go beyond the scope of this platform.
Final answer:
To ensure the probability of continuous operation for the next 2000 hours is at least 0.95, at least one component must be in stock.
Explanation:
To calculate the number of components that must be in stock to ensure the probability of continuous operation for the next 2000 hours is at least 0.95, we need to use the concept of the normal distribution. Given that the mean lifetime of the component is 100 hours and the standard deviation is 30 hours, we can calculate the Z-score for 2000 hours.
Z-score = (X - mean) / standard deviation = (2000 - 100) / 30 = 63.33
Using a Z-table or calculator, we can find that the probability of the component lasting for 2000 hours or more is approximately 1. With a probability of 1, we can say that the system is guaranteed to be in continual operation for the next 2000 hours. Therefore, at least one component must be in stock.
Find the future value and interest earned if $8904.56 is invested for 8 years at 6% compounded (a) semiannually and (b) continuously.
The Future value is $ 15162.80 and Interest is $6258.26
What is Future Value?The worth of a current asset at some point in the future based on an estimated rate of growth is known as future value (FV). For investors and financial planners, the future value is crucial because they use it to predict how much an investment made now will be worth in the future.
Investors can make wise investment choices based on their projected demands by knowing the future worth. However, external economic forces that depreciate an asset's value, such inflation, might have a negative impact on the asset's future worth.
Given:
P = $8904.56
R= 6%
T= 9
n= 2
Now, Future Value = P [tex](1 + r/n)^ {(nt)}\\[/tex]
FV= 8904.56 [tex](1 + 0.06/2)^ {(2)(9)}\\[/tex]
FV = 8904. 56 [tex]( 1+ 0.03)^{18[/tex]
FV= 8904.56[tex](1.03)^{18}[/tex]
FV = $15162.80
And Interest = FV - P
Interest = 15162. 80 - 8906.4
Interest = $6258.26
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the speed of the stream is 4 mph. a boat travels 4 miles upstream in the same time it takes to travel 12 miles downstream. what is the speed of the boat in still water?
1 millimeter on the map represents 1 meter on the ground. What is the ratio
if N/8+6=58, then N equals?
The ratio of the sum of two numbers to the difference of the two numbers is 9. The product of the two numbers is 80. Find the numbers.
A researcher is studying the effects of caffine on exam scores of college students. In this study what would be the population and sample of this research?
Suppose a carpet for an 8ft by 12 ft room cost $500. How much would an 16 ft by 24ft cost
To determine the cost of carpeting for a room that is twice the length and width of another, calculate the cost per square foot of the smaller room and then multiply that by the area of the larger room.
Explanation:The question is asking how much a carpet would cost for a room that is twice as long and twice as wide as an 8 ft by 12 ft room, given that the carpet for the smaller room costs $500.
To solve this, we first find the area of the smaller room, which is 8 ft multiplied by 12 ft, resulting in an area of 96 square feet.
The cost per square foot for the carpet is then $500 divided by 96 square feet, which equals approximately $5.21 per square foot.
Next, we calculate the area of the larger room.
Since both dimensions are doubled, the area will be 16 ft by 24 ft, which equals 384 square feet.
To find the cost for the larger room's carpet, we multiply the area of the larger room by the cost per square foot previously calculated.
Therefore, 384 square feet multiplied by $5.21 per square foot results in a cost of approximately $2,000 for the larger carpet.
1. The purpose of this exercise is to provide practice using the LINGO or Excel solvers. Find the values of X and Y that minimize the function
Min X 2 - 4X + Y 2 + 8Y + 20
Do not assume nonnegativity of the X and Y variables. Recall that by default LINGO assumes nonnegative variables. In order to allow the variables to take on negative values you can add
@FREE(X); @FREE(Y);
Alternatively, if you want LINGO to allow for negative values by default, in the LINGO menu select Options and then click General Solver, and then uncheck the Variables assumed nonnegative tab.