The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $2400/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. However, because of other financial obligations, their monthly payments should not exceed $3000. If local mortgage rates are 4.5%/year compounded monthly for a conventional 30-year mortgage, what is the price range of houses that they should consider? (Round your answers to the nearest cent.)

Answers

Answer 1

Using the monthly payment formula, the price range of houses that they should consider is:

[$513,666.78, $592,083.48].

What is the monthly payment formula?

It is given by:

[tex]A = P\frac{\frac{r}{12}\left(1 + \frac{r}{12}\right)^n}{\left(1 + \frac{r}{12}\right)^n - 1}[/tex]

In which:

P is the initial amount.r is the interest rate.n is the number of payments.

For this problem, the parameters are given as follows:

r = 0.045 -> r/12 = 0.045/12 = 0.00375.n = 30 x 12 = 360.

The minimum price, discounting the down payment, is found when A = 2400, hence:

[tex]A = P\frac{\frac{r}{12}\left(1 + \frac{r}{12}\right)^n}{\left(1 + \frac{r}{12}\right)^n - 1}[/tex]

[tex]2400 = 0.00375P\frac{(1.00375)^{360}}{(1.00375)^{360} - 1}[/tex]

[tex]P = \frac{2400[(1.00375)^{360} - 1]}{0.00375 \times (1.00375)^{360}}[/tex]

P = $473,666.78.

Considering the down payment, we add $40,000, hence the minimum value of the range is: $513,666.78.

The maximum price, discounting the down payment, is found when A = 3000, hence:

[tex]A = P\frac{\frac{r}{12}\left(1 + \frac{r}{12}\right)^n}{\left(1 + \frac{r}{12}\right)^n - 1}[/tex]

[tex]3000 = 0.00375P\frac{(1.00375)^{360}}{(1.00375)^{360} - 1}[/tex]

[tex]P = \frac{3000[(1.00375)^{360} - 1]}{0.00375 \times (1.00375)^{360}}[/tex]

P = $592,083.48.

Considering the down payment, we add $40,000, hence the maximum value of the range is: $592,083.48.

Hence the price range is:

[$513,666.78, $592,083.48].

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Related Questions

The difference between two positive numbers is 40 and the ratio of these integers is 1:3.Find the integers.

Answers

Answer:

A:B= 1:3

let A=1x,B=3x

A+B = x+3x

x+3x = 40

4x = 40

x=10

A=1(10)=10

B=3(10)=30

Step-by-step explanation:

Dont really know how to explain it well

Determine whether the following ratios are equivalent. 3:4 and 12:9

Answers

Answer:

no

Step-by-step explanation:

Put them as fractions that have equivalent denominators.

3/4 :27/36 (multiply 9 to both numbers)

12/9 :48/36(multiply 4 to both numbers)

Since the numerators are not the same the answer is no.

If they were equal both numerator and denominator would be the same

there are 25 boxes of paper, each box has 789 pieces of paper. how many pieces of paper are there in all?

Answers

25 times 789 is 19725

the answer:19,725

i only have one chance to get this right! please help.

Answers

Answer:

D. 2z^3/y

Step-by-step explanation:

xyz^2 = 2z^4

z(xyz) = z(2z^3)

xyz = 2z^3

xz = (2z^3)/y

Multiply
(2/5)(-5/4)
Enter your answer as a fraction, in simplest form, in the box.

Answers

Answer:

-1/2

Step-by-step explanation:

first, we multiply 2 and -5 which is -10, then we multiply 5 and 4 which is 20

so, we get -10/20 then the simplest form is -1/2

MARK ME BRAINLIEST IF IT HELPED :)

Which of these statements is true?

Answers

Answer: WX, ZY and WX and AB.

The 2nd one is correct.

PLEASE HELP WILL GIVE BRAINLIEST

Answers

Answer:

1302 for the first

-194 for second

Step-by-step explanation:

just do the operation

if four out of every nine trick-or-treaters that came to your house last Halloween were dressed as Snow White, what proportion of trick-or-treaters were not dressed as Snow White?

Answers

The proportion of Trick-or-treaters not dressed as Snow white are 5/9.

A proportion may be defined as the way of representation of numbers or letters in the form of ratios which are made equal to each other. For example, if there are 1 mango and 2 bananas then the ratio is written as 1:2 that is for every 1 mango there are 2 bananas and there are 1/3 mangoes and 2/3 bananas.

Total number of Trick-or-treaters = 9

Total number of Trick-or-treaters dressed as Snow white = 4

Total number of Trick-or-treaters not dressed as Snow white = 9-4 = 5

Thus, Proportion of Trick-or-treaters not dressed as Snow white = 5/9

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Hannah took a taxi from her house to the airport. The taxi company charged a pick-up fee of $1.90 plus $3.75 per mile. The total fare was $80.65, not including the tip. Write and solve an equation which can be used to determine mm, the number of miles in the taxi ride.

Answers

Answer: y=3.75x+1.9

Step-by-step explanation: the pick up fee would be the y-intercept and the per mile cost would be the slope.

The equation that can be used to determine the number of miles in the taxi ride is 1.90 + 3.75x = 80.65.

The number of miles traveled is 21 miles.

What is an equation?

An equation is a mathematical statement that is made up of two expressions connected by an equal sign.

We have,

Pick up fee charges = $1.90

Charges per mile = $3.75

Total fare = $80.65

The number of miles traveled = x

We can write an equation as:

1.90 + 3.75x = 80.65

The number of miles traveled:

1.90 + 3.75x = 80.65

Subtract 1.90 on both sides.

1.90 + 3.75x - 1.90 = 80.65 - 1.90

3.75x = 78.75

Divide both sides by 3.75.

x = 21.

Thus,

The equation that can be used to determine the number of miles in the taxi ride is 1.90 + 3.75x = 80.65.

The number of miles traveled is 21 miles.

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In a 40 hour work week marcie spends 15 hours answering phones what is the ratio of hours spent answering telephones to hours doing other types of work?

Answers

Out of 40 hours that Marcie works, 15 of those hours are spent answering phones. The problem asks that the hours spent answering telephones goes first in the ratio, so that will be the first number.

15 :

The last number is the total number of hours Marcie works.

15 : 40

easy points. need work shown

Answers

A.) 12 students without a curfew had no bedtime.

B.) 31 students with a bedtime also had a curfew.

C.) 34 total students had a bedtime.

All of the information is present in the frequency table provided.

HELP PLEASE PLEASE HELP SHOW WORK HELP PLS PLS PLS

Answers

Answer:

A = 8x, B = -a^2-2a-2

Step-by-step explanation:

Norma plans to rent a car for her vacation. The cost to rent the car is $39
plus $0.15 per mile she drives. Write a function rule for the total cost of
the rental.

Answers

Answer:

$39 + 0.15x

Step-by-step explanation:

$39 is the flat fee no matter what and x is the number of miles driven times cost per mile.

PLEASE HELP!! I NEED THIS ASAP. I WILL GIVE BRAINLY

Answers

Answer:On three of the percentage points you improved your average score.

Step-by-step explanation:I hope this helps.

Answer:

75 + 85 + 90 + 90 + 100 + 75 + 80 + 100 + 90 = 785

785/9 = 87.2

85 + 85 + 100 + 90 + 100 + 85 + 80 + 100 + 90 = 815

815/9 = 90.5

90.5 - 87.2 = 3.3

Round 3.3 to the nearest percent = 3%

which shows all the critical points for the inequality x^2-9x/x-5<0

Answers

The critical points are 0, 5 and 9 for the inequality (x² - 9 x) / (x - 5) < 0.

The critical point is a single value at which the function is not differentiable

The inequality is given as:

(x² - 9 x) / (x - 5) < 0.

Factorize the numerator

x (x - 9) / (x - 5) < 0.

Equate it to 0, we get that:

x (x - 9) = 0 or x - 5 = 0

x = 0 or x - 9 = 0 or x - 5 = 0

So, the critical points will be:

x = 0 or x = 9 or x = 5.

Therefore, the critical points are 0, 5 and 9 for the inequality (x² - 9 x) / (x - 5) < 0.

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A 100-gallon fish tank fills at a rate of x gallons per minute. The tank has already been filling for 5 minutes. The
function f(x)-- 5 represents the remaining time in minutes needed to fill the tank. How is the graph of the pare
100
-
X
function f(x)-
-
100
transformed to create the graph of the function f(x)-- X
-5?

Answers

The function f(x)-- 5 represents the remaining time in minutes needed to fill the tank in the graph of the pare

Answer:

- Vertically stretching the parent function [tex]f(x) = \frac{1}{x}[/tex]  .- A 5 unit right shift of the parent function [tex]f(x) = \frac{100}{x-5}[/tex] .

Here are some function transformations:

1. The function is moved up by "k" units if [tex]f(x) + k[/tex].

2. The function is moved down "k" units if [tex]f(x) - k[/tex].

3. The function is moved "k" units to the right if [tex]f(x) - k\\[/tex] .

4. If  [tex]f(x) + k[/tex], the function is "k" units to the left.

5. If [tex]bf(x)[/tex] and b>1, the function is b times more vertically stretched.

6. In the event that  [tex]bf(x)[/tex] and 0<b<1  the function is vertically compressed by a factor of "b".

The following parent function is provided by the question:

[tex]f(x) = \frac{1}{x}[/tex]  .

We also know that the transformed function, which denotes the number of minutes still required to fill the tank, is:

[tex]f(x) = \frac{100}{x-5}[/tex] .

Therefore, based on the transformations previously described, we can determine that the following produces the graph of the transformed function:

Answer:

- Vertically stretching the parent function [tex]f(x) = \frac{1}{x}[/tex]  .- A 5 unit right shift of the parent function [tex]f(x) = \frac{100}{x-5}[/tex] .

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The complete exercise is: " A 100 gallon fish tank fills at a rate of x gallons per minute. The tank has already been filling for 5 minutes. The function [tex]f(x) = \frac{100}{x-5}[/tex]   represents the remaining time in minutes needed to fill the tank. How is the graph of the parent function [tex]f(x) = \frac{1}{x}[/tex]  transformed to create the graph of [tex]f(x) = \frac{100}{x-5}[/tex] ?"

Find the 8th term of the geometric sequence 6, 18, 54

Answers

In this geometric sequence, it seems everything, starting at 6, is being multiplied by 3. Because of this pattern, we can multiply accordingly:

6 • 3 = 18
18 • 3 = 54
54 • 3 = 162
162 • 3 = 486
486 • 3 = 1,458
1,458 • 3 = 4,374
4,374 • 3 = 13,122

Beginning at 6 as the initial value, we will find that the 8th term of this geometric sequence is 13,122.

Answer:

13122

Step-by-step explanation:

Term multiply by 3

First term is 6

Seven terms remain to be defined

then the 8th term is:

6 * 3⁷ = 6*2187

= 13122

Polygon EFGH is a scaled copy of polygon ABCD.


Select ALL of the true statements.

(Select all that apply.)

The area of EFGH is twice the area of ABCD.

Segment FG is twice as long as segment CD.

Segment EF is twice as long as segment AB.

The scale factor from EFGH to ABCD is 2.

The length of segment ​AD is 8​ units.

Answers

The following statements are true and correct:

Segment EF is twice as long as segment AB

The length of segment AD is 8 units

How to interpret dilation transformation?

Since quadrilateral ABCD is scaled to form quadrilateral EFGH, both are similar polygon.

Now, it is known that;

scale factor = ratio of any of their corresponding side

Thus;

Scale factor = GH/CD = 12/6 = 2

This means quadrilateral EFGH is twice the size of quadrilateral ABCD.

The shape of the original polygon remains the same while the size increases.

This implies that, all segments of quadrilateral ABCD increases proportionally times 2 to give us corresponding lengths of the segments of quadrilateral EFGH.

Since shape remains the same, their corresponding angles are congruent and the same in measure.

Therefore, the following statements are true and correct:

Segment EF is twice as long as segment AB; because (EF = AB*scale factor = 3*2 = 6)

The length of segment AD is 8 units because (EH = AD*scale factor = 8*2 = 16)

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Anyone please solve for me

Answers

Answer:

A

Step-by-step explanation:

Perforated for Easy
Between which two thousands
does 10,357 fall?
and
Use the number line below to
show how you would round 10,357
to the nearest thousand.
10,357 rounds to

Answers

10,000 and 11,000 for the two thousands and 10,357 rounds to 10,000 because its closer to that than 11,000

A pollster would like to predict the mayoralty winner of a certain town. However, his budget for a quick survey is good only for 30 out of the 110 barangays of that town. Which statistics is more appropriate to use – descriptive or inferential? Justify your answer.

Answers

Inferential statistics are a better way to interpret the data.

Inferential statistics are regularly used to evaluate the variations among the remedy corporations. Inferential records use measurements from the pattern of topics within side the test to evaluate the remedy corporations and make generalizations approximately the bigger populace of topics.

There are many sorts of inferential records and every is suitable for a selected studies layout and pattern characteristics. Researchers must seek advice from the numerous texts on experimental layout and records to discover the proper statistical take a look at for his or her test. However, maximum inferential records are primarily based totally at the precept that a take a look at-statistic cost is calculated on the premise of a specific formula. That cost together with the levels of freedom, a degree associated with the pattern size, and the rejection standards are used to decide whether or not variations exist among the remedy corporations. The large the pattern size, the much more likely a statistic is to suggest that variations exist among the remedy corporations.

Therefore, we get that inferential statistics are a better way to interpret the data.

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WHICH ONE IS IT
60PTS

Answers

Answer:

B. {-4, -2, 0, 2, 4}

Step-by-step explanation:

A definition for the word domain is the "input" of a function, also called the x values.

A definition for the word range is the "output" of a function, also called the y values.

With this knowledge, looking at the question, it is asking for the range of the relation, which means we are looking at the y values.

A is incorrect because it shows all values from -4 to 4, however some are not in the relation shown.

B is correct because it is showing all of the y values given in the table and no others.

C is incorrect because it is just showing the bounds of the relation, but not all values between.

D is incorrect because it is the domain of the function, or the x values.

Therefore, you were correct, and your answer is B.

Answer: B? Although its supposed to be {4, 2, 0, -2, -4}

dividing decimals
0.745/ 9.089

Answers

Answer:

0.745/9.089

Multiply numerator and denominator by 1000

=745/9089

A cement mixture calls for 3 pounds of cement for 3 gallons of water. What is the ratio of water to cement? Enter only the missing number.

Answers

Based on the calculations, the ratio of water to cement (W:C) is equal to 1:1.

What is a ratio?

A ratio can be defined as a mathematical expression that's used to denote the proportion of two (2) or more quantities with respect to one another and the total quantities.

What is a proportion?

A proportion can be defined as an expression which is typically used to represent (indicate) the equality of two (2) ratios. This ultimately implies that, proportions can be used to establish that two (2) ratios are equivalent and solve for all unknown quantities.

Given the following data:

Quantity of cement = 3 pounds.Quantity of water = 3 gallons.

Substituting the given parameters into the formula, we have;

Therefore, the ratio of water to cement is given by:

Ratio of water to cement, W:C = 3:3

Ratio of water to cement, W:C = 1:1.

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8. The road transport company of Maldivies keep MVR 950 aside as a wage per day for the hired labourers. The company initially hires 10 laboures. Find out the income of each labourer.​

Answers

The income of each laborer is MVR 95.

The total amount of money kept aside by the road transport company of Maldives is MVR 950.

Initial hiring of the laborer is 10.

Here we have to have to income of each laborer.

So, Income of each laborer = total income/number of laborer

                                              = 950/ 10

                                              = 95

Therefore the income of each laborer is MVR95.

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Any number besides 0 to the zero power evaluates to 0. True or false?

Answers

Answer:

True

Step-by-step explanation:

Because anything multiplied by 0 is equal to 0.

what is the ordered pair for -5, 6

Answers

The ordered pair for -5, 6 is (-5, 6)

How to determine the ordered pair for -5, 6?

The expression is given as:

-5, 6

Ordered pairs are often represented by the parenthesis i.e. ( , )

Where the variables x and y are in the parenthesis

So, the proper representation of an ordered pair is

(x, y)

Substitute -5, 6 for x and y in (x, y)

(-5, 6)

Hence, the ordered pair for -5, 6 is (-5, 6)

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You are working on a banner for Friday’s pep
rally. The length of the banner is 6 times the
width. The length is 18 feet.
l
GO WILDCATS! w
What is the width?
Answer in units of feet.

Answers

The width of the banner of the Friday’s pep rally is 3 feet.

How do you find the percentage of number?

To calculate a percentage, divide the value by total value and multiply the result by 100. (value/total value)100% is the formula for calculating percentage.

Calculating a percentage means determining a portion of a whole in terms of 100. A percentage can be calculated in two ways:

The unitary method is used.By changing the fraction's denominator to 100.

For the given expression;

The length of the Friday’s pep rally banner is 18 feet.

Let the width be 'b'.

The given condition is;

The length of the banner is made 6 times the width.

Then,

6 time the width  = length

6×w = 18

w = 18/6

w = 3

Therefore, the width of the banner is found as 3 feet.

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19/20 divided by 20/30 = 19/20 x ?

A. -30/20
B. 30/20
C. 20/19
D. -20/19

Answers

Answer:

19/20*30/20=19/20 x

570/400=19/20 x

57*20=40*19x

1140=760x

x=30/20 or 3/2

own to place into her scrapbook. What is the area of each picture?
3 in.
5 in.
3 in.

Answers

Answer:

Step-by-step explanation:

3x5=15x3=45

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