Adam Smith bought a home with a 13% adjustable rate mortgage for 20 years. He paid $11.72 monthly per thousand on his original loan. At the end of 4 years he owes the bank $75,000. Now that interest rates have gone down to 10%, the bank will renew the mortgage at this rate or Adam can pay $75,000. Adam decides to renew and will pay $9.66 monthly per thousand on this loan. You can ignore the small amount of principal that has been paid.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Adam Smith bought a home with a 13% adjustable rate mortgage for 20 years. He paid $11.72 monthly per thousand on his original loan. At the ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Sean knows the length of the base, b, and the area, a, of a triangular window in his bedroom. which formula could he use to find the height, h, of this window?
Answers (1)
Which ordered pair could you remove from the relation { (-2, - 1), (-1, 1), (-1, 0), (0, 1), (1, 0) } so that it becomes a function?
Answers (1)
What is the seventh term in the addition pattern that begins 17, 32, 47, 62? What is the seventh term in the addition pattern that begins 17, 32, 47, 62? What is the seventh term in the addition pattern that begins 17, 32, 47, 62?
Answers (1)
Y=6 when x=2. Find x when y=9
Answers (1)
Triangle MNP is dilated to obtain triangle QRS. Using the same scale factor, triangle QRS is dilated to obtain triangle TUV. MN 30 meters, NP 25 meters, PM 25 meters, and QR 42 meters. What is the perimeter, in meters, of triangle TUV?
Answers (1)
New Questions in Mathematics
The division property of equality could be used to solve which of the following equations: 5x=30 x+3=7 (x+2) (x-2) = 0 x/4=16
Answers (1)
2 shapes A and B, are similar. length of edges in A : length of edges in B = 2.5 The perimeter of A is 210mm work out the perimeter of B
Answers (1)
Write 54 as a product of prime factors
Answers (2)
A spinner with 10 equal-sized sections numbered 1 to 10 is spun once. What is the probability that the spinner will land on a number that is not a multiple of three?
Answers (2)
What are the intercepts of the line? A. x-intercept: - 6; y-intercept: - 3 B. x-intercept: 3; y-intercept: - 6 C. x-intercept: 3; y-intercept: 6 D. x-intercept: - 6; y-intercept: 3
Answers (1)