You wish to buy a house for $295987. the bank offers you a mortgage loan of 3.7% for 25 years. how much will your monthly payments be? (round to the nearest cent) after the life of the loan, how much did you really spend for your home? (round to the nearest cent)

Monthly payments: $2446.92

Total expenditure: $734,076.88

Step-by-step explanation:

As the compounding frequency is not stated, it is supposed to be annualy.

The total accumulated value T, including the loan L and the interest is given by the formula

where

L = Amount of the loan

r = nominal interest per year. In this case, 0.037

n = compounding frequency, in this case 1 year

t = the length of time the interest is applied. In this case, 25                      years.

The total amount after 25 years will be

There are 25 times 12 = 300 months in 25 years, so the monthly payments would be

After the life of the loan, if there are no additional commissions  or expenditures, you would have spent the amount of the loan plus interest, that is to say, the amount T previously computed  

$734076.88

step-by-step explanation:

the original amount doesn't ''re just looking for the time it takes for 1/2 of the substance to we have

(1/2) =)     take the ln   of both sides

ln (1/2)   = )   and we can write

ln(1/2) = ) lne     and lne   = 1     so we have

ln(1/2) = -.1092t     divide both sides by -.1092

t = ln(1/2)/-.1092 = about 6.347 days = about 6.3 days (rounded)

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step-by-step explanation:

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