Use the future value formula to find the indicated value. n=41; i = 0.04; PMT= $107; FV = ? Substitute the values into the future value formula. Choose the correct answer below, and fill in the answer boxes to complete your choice. OA. FV= B. FV= (1- OC. FV= OD. FV= (1+

Use the future value formula to find the indicated value. n=41; i = 0.04; PMT= $107; FV = ? Substitute the values into the future value formula. Choose the correct answer below, and fill in the answer boxes to complete your choice. OA. FV= B. FV= (1- OC. FV= OD. FV= (1+

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

ChapterP: Prologue: Calculator Arithmetic

Section: Chapter Questions

Problem 28E: Equity in a Home When you purchase a home by securing a mortgage, the total paid toward the...

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Question

7. Please fill the option

Use the future value formula to find the indicated value.
n=41; i = 0.04; PMT= $107; FV = ?
Substitute the values into the future value formula. Choose the correct answer below, and fill in the answer boxes to complete your choice.
OA. FV=
B. FV=
(1-¹
(1+
OC. FV=
OD. FV=

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Equity in a Home When you purchase a home by securing a mortgage, the total paid toward the principal is your equity in the home. Technically, the lending agency calculates your equity by subtracting the amount you still owe on your mortgage from the current value of your home, which may be higher or lower than your principal. Assume that your mortgage is for 350, 000 at a monthly rate of 0.007 as a decimal and that the term of the mortgage is 30 years. Then your equity after k monthly payments is 350, 0001.007k-11.007360-1 dollars. Calculate the equity in your home after 10 years.
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