Question

Will medal and fan!! ^.^

Answer 1

21. Your parents are buying a house for $187,500. They have a good credit rating, are
making a 20% down payment, and expect to pay $1,675/month. The interest rate for
the mortgage is 4.85%. What must their realized income be before each month and
how much interest is paid at the end of the second month? Be sure to include the
following in your response: the answer to the original question and the mathematical
steps for solving the problem demonstrating mathematical reasoning.


First figure out how much they must borrow by getting rid of 20% of the cost of the home.
Use this amount and the formula I = Prt to find how much interest was accrued in the first
month. Add this amount to the borrowed total and then subtract the monthly payment. This
will be the principal at the beginning of the second month, so use it in the I = Prt formula to
find the interest accrued at the end of the second month. For the second part of the
question, their monthly payment should be no more than 28% of their realized income, so
take their payment and divide it by the 28%

Answer 2

what are the options, if any?

Answer 3

no it didn't come with any option's

Answer 4

i have to explain my answer but i dont know what my answer could be.

Answer 5

id die if i seen that much words! OYE!

Answer 6

so id the bottom half the steps/ process??

Answer 7

is*

Answer 8

yes.