Bill and his wife have found their dream house. It sits on 2 acres of land in a suburb of Houston , 20 minutes from downtown and within 15 minutes of each of their offices. The purchase price they have agreed upon is $175,000 and they have 20% to use as down payment. They can secure a 30-year mortgage from one bank at 9.25 percent and a 25-year mortgage from another bank at 9.125 %. What are their respective monthly payments and what is the approximate difference in total payment ?
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.
Bill and his wife have found their dream house. It sits on 2 acres of land in a suburb of Houston , 20 minutes from downtown and within 15 minutes of each of their offices. The purchase price they have agreed upon is $175,000 and they have 20% to use as down payment. They can secure a 30-year mortgage from one bank at 9.25 percent and a 25-year mortgage from another bank at 9.125 %. What are their respective monthly payments and what is the approximate difference in total payment ?
Step by step
Solved in 4 steps
