document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1160610>Question 1160610</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Is it C? I'm checking my answers.\r<BR>\n" );
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document.write( "Chris is purchasing a house and needs to finance a $150,000 mortgage from the bank with an annual percentage rate (APR) of 3.8% \r<BR>\n" );
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document.write( "He is financing it over 30 years and making monthly payments. What is the total amount Chris will pay back to the bank?\r<BR>\n" );
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document.write( "Group of answer choices\r<BR>\n" );
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document.write( "A. $501,796\r<BR>\n" );
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document.write( "B. $299,998\r<BR>\n" );
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document.write( "C. $251,618\r<BR>\n" );
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document.write( "D. $150,001\r<BR>\n" );
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document.write( "The question is provided in the link here: https://i.imgur.com/vCzSmop.png </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #783956 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=783956\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font color=black size=3><BR>\n" );
document.write( "We need to calculate the monthly mortgage payment. Do so using this formula<BR>\n" );
document.write( "P = (L*i)/( 1-(1+i)^(-n) )\r<BR>\n" );
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document.write( "where,<BR>\n" );
document.write( "P = monthly payment <BR>\n" );
document.write( "L = loan amount = 150000<BR>\n" );
document.write( "i = monthly interest rate in decimal form = 0.038/12 = 0.00316666666666667<BR>\n" );
document.write( "n = number of months = 30*12 = 360\r<BR>\n" );
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document.write( "So we have,<BR>\n" );
document.write( "P = (L*i)/( 1-(1+i)^(-n) )<BR>\n" );
document.write( "P = (150000*0.00316666666666667)/(1-(1+0.00316666666666667)^(-360))<BR>\n" );
document.write( "P = 698.936026491846<BR>\n" );
document.write( "P = 698.94<BR>\n" );
document.write( "as our monthly payment\r<BR>\n" );
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document.write( "Multiply this with 360 to find the total amount Chris pays back<BR>\n" );
document.write( "360*698.94 = 251,618.4\r<BR>\n" );
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document.write( "Rounded to the nearest whole dollar, the answer is choice C) $251,618. Nice job on getting the correct answer.<BR>\n" );
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