Question

Sofia has a 5.2% fixed rate 30-year mortgage in the amount of $350,000. The total cost of principal and interest is about $691,880. Which of the following is closest to Sofia’s monthly payment?

Answer 1

im getting 972, just need to know if its right... lol

Answer 2

@Peter14 help?

Answer 3

sure

Answer 4

is 972 correct or... wrong lol

Answer 5

is there a formula for this?

Answer 6

im sure there is, but im just starting this topic

Answer 7

how about show me what you did

Answer 8

i asked my teacher to help, and since its an online class, i called her and we just talked about it

Answer 9

this 30-year mortgage takes exactly 30 years to pay off?

Answer 10

yeah

Answer 11

hah, I think they gave you a bit too much information.

Answer 12

i know, they always do this, haha

Answer 13

$691,880 is the total amount she paid. the payment by definition is constant, and you know how long it took her...

Answer 14

what is this chapter on? division?

Answer 15

mortgage

Answer 16

what math class is it?

Answer 17

advanced algebra financial apps

Answer 18

...it seems almost too simple...

Answer 19

what did your teacher tell you to do?

Answer 20

haha, idk dude, i happened to get 972, and it was like 2 hours ago, i forgot lol

Answer 21

did you show any of your work?

Answer 22

it was voice lol, just forget it, ill just put what i got lol

Answer 23

I see two ways of doing this problem, one by division and a more complicated way
the division way says about $1922 per month.
I'll try the more complicated way. When is this due?

Answer 24

its due whenever, but i was hoping to complete it soon

Answer 25

what are the choices?

Answer 26

https://www.desmos.com/calculator/vdnodhilb0

Answer 27

$972

$1,167

$1,922

$2,306

Answer 28

equations 4 and 5 make up the complex way

Answer 29

equation 1 is the easy way

Answer 30

they both point to the same answer from the choices you gave

Answer 31

which was what? 972? or 1922?

Answer 32

1922

Answer 33

ohh, i was wrong haha, thanks

Answer 34

do you see how I did the complicated way? that's the important part here

Answer 35

kinda lol

Answer 36

iits REALLY complicated

Answer 37

it's not THAT complicated. you should see the problem I did last. describe how you would do it to me.

Answer 38

what's the first step? (the part I did in equation 4)

Answer 39

i dont know lol

Answer 40

ok... first I find the total cost of the mortgage with no payments at all

Answer 41

yes sir

Answer 42

you see how I do that?