You want to buy a $350000 home. You plan to pay $70000 as a down payment, and take out a 30 year loan at 4.25% interest for the rest. After 22 years, you decide to pay off the entire loan. a) What is the amount of the 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.
You want to buy a $350000 home. You plan to pay $70000 as a down payment, and take out a 30 year loan at 4.25% interest for the rest. After 22 years, you decide to pay off the entire loan.
a) What is the amount of the payment?
$
b) What is the outstanding principal after 22 years?
$
c) If the bank charges 1.5 points on the loan, what is the amount charged for points?
$
d) If the bank charges 1.5 points on the loan, what is the true interest rate?
$
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