At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.
Sagot :
Let's solve this step-by-step:
1. Identify the Given Information:
- Monthly payment: [tex]\(\$532.10\)[/tex]
- Interest rate: [tex]\(5.5\%\)[/tex]
- Duration: 30 years
- Monthly payment per [tex]\(\$1000\)[/tex] mortgage for 30 years at [tex]\(5.5\%\)[/tex]: [tex]\( \$5.68\)[/tex]
2. Set Up the Formula:
We use the formula that relates the monthly payment to the price of the home:
[tex]\[ \text{Monthly Payment} = \left( \frac{\text{Price of the Home}}{1000} \right) \times \text{Monthly Payment per $1000$} \][/tex]
Rearrange the formula to solve for the price of the home:
[tex]\[ \text{Price of the Home} = \frac{\text{Monthly Payment} \times 1000}{\text{Monthly Payment per $1000$}} \][/tex]
3. Substitute the Given Values:
[tex]\[ \text{Price of the Home} = \frac{532.10 \times 1000}{5.68} \][/tex]
4. Calculate:
[tex]\[ \text{Price of the Home} = \frac{532100}{5.68} \approx 93679.57746478873 \][/tex]
5. Round the Answer:
[tex]\[ \text{Rounded Price of the Home} = 93679.58 \][/tex]
6. Compare with the Given Options:
The given options are:
- [tex]\(\$ 98,258.68\)[/tex]
- [tex]\(\$ 104,120.32\)[/tex]
- [tex]\(\$ 103,879.65\)[/tex]
- [tex]\(\$ 93,679.60\)[/tex]
Among these, the closest option to [tex]\(\$ 93679.58\)[/tex] is [tex]\(\$ 93,679.60\)[/tex].
Therefore, the best answer from the choices provided is:
d. \$ 93,679.60
1. Identify the Given Information:
- Monthly payment: [tex]\(\$532.10\)[/tex]
- Interest rate: [tex]\(5.5\%\)[/tex]
- Duration: 30 years
- Monthly payment per [tex]\(\$1000\)[/tex] mortgage for 30 years at [tex]\(5.5\%\)[/tex]: [tex]\( \$5.68\)[/tex]
2. Set Up the Formula:
We use the formula that relates the monthly payment to the price of the home:
[tex]\[ \text{Monthly Payment} = \left( \frac{\text{Price of the Home}}{1000} \right) \times \text{Monthly Payment per $1000$} \][/tex]
Rearrange the formula to solve for the price of the home:
[tex]\[ \text{Price of the Home} = \frac{\text{Monthly Payment} \times 1000}{\text{Monthly Payment per $1000$}} \][/tex]
3. Substitute the Given Values:
[tex]\[ \text{Price of the Home} = \frac{532.10 \times 1000}{5.68} \][/tex]
4. Calculate:
[tex]\[ \text{Price of the Home} = \frac{532100}{5.68} \approx 93679.57746478873 \][/tex]
5. Round the Answer:
[tex]\[ \text{Rounded Price of the Home} = 93679.58 \][/tex]
6. Compare with the Given Options:
The given options are:
- [tex]\(\$ 98,258.68\)[/tex]
- [tex]\(\$ 104,120.32\)[/tex]
- [tex]\(\$ 103,879.65\)[/tex]
- [tex]\(\$ 93,679.60\)[/tex]
Among these, the closest option to [tex]\(\$ 93679.58\)[/tex] is [tex]\(\$ 93,679.60\)[/tex].
Therefore, the best answer from the choices provided is:
d. \$ 93,679.60
Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.