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im bad at math especially money math can some one out there help im bad at math. please and thanks?
A house is selling for $295,000. The bank offers 3.9% APR for the 30-year loan.
a) How much will the mortgage payment be each month? Solve the problem by hand using the appropriate formula, and show all work.
b) Solve the problem by using the mortgage calculator at https://www.hvfcu.org/Personal/Home-Finance-Center... Take a screenshot of the result and paste it here.
c) Compare the two and explain possible reasons for any differences.
2 Answers
- Steve ALv 73 years ago
(38000 -34850)(.25) + (34850-8450)(.15) + 8450(.10) = $5,592.50
(5492.5/38000)(100) = 14.7% effective rate
A better calculation of effective rate would use total income (or adjusted gross income) as the divisor, not taxable income.
- ted sLv 73 years ago
$6450 at 10% ; $28,401 at 15% ; $3139 at 20%....compute , add together....effective means ' tax paid / amount earned '
