Mathematics, 21.07.2019 23:30 katlynnschmolke

Vanessa can afford a $1405-per-month house loan payment. if she is being offered a 20-year house loan with an apr of 4.8%, compounded monthly, which of these expressions represents the value of the most money she can borrow?

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To solve this we are going to use the present value formula: $PV=P[ \frac{1-(1+ \frac{r}{n})^{-kt} }{ \frac{r}{n} } ]$
where

is the present value

is the periodic payment

is the interest rate in decimal form

is the number of times the interest is compounded per year

is the number of payments per year

is the number of years

We know for our problem that she can afford a $1405-per-month house loan payment, so P=1405

and

. We also know that the loan is a 20-year house loan, so t=20

. To convert the interest rate to decimal form, we are going to divide the rate by 100% $r= \frac{4.8}{100}=0.048$ . Since the interest rate is compounded monthly, it is compounded 12 times per year; therefore, n=12

. Lets replace those values in our formula:

$PV=P[ \frac{1-(1+ \frac{r}{n})^{-kt} }{ \frac{r}{n} } ]$
$PV=1405[ \frac{1-(1+ \frac{0.048}{12})^{-(12)(20)} }{ \frac{0.048}{12} } ]$
PV=216501.09

We can conclude that the expression that represents the value of the most money she can borrow is: $PV=1405[ \frac{1-(1+ \frac{0.048}{12})^{-(12)(20)} }{ \frac{0.048}{12} } ]$ . Evaluating the expression we can prove that she can borrow $216,501.09

Answer from: Quest

you forgot an image

step-by-step explanation:

Answer from: Quest

the most boring ever written

step-by-step explanation:

i am writing something. yes, i plan to make it the most boring thing ever written. i go to the store. a car is parked. many cars are parked or moving. some are blue. some are tan. they have windows. in the store, there are items for sale. these include such things as soap, detergent, magazines, and lettuce. you can enhance your life with these products. soap can be used for bathing, be it in a bathtub or in a shower. apply the soap to your body and rinse. detergent is used to wash clothes. place your dirty clothes into a washing machine and add some detergent as directed on the box. select the appropriate settings on your washing machine and you should be ready to begin. magazines are stapled reading material made with glossy paper, and they cover a wide variety of topics, ranging from news and politics to business and stock market information. some magazines are concerned with more recreational topics, like sports card collecting or different kinds of hairstyles. lettuce is a vegetable.

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