Richard and Amy are financing $140,000 to purchase a condominium. They obtained a 15-year, fixed-rate loan with a rate of 5.15%. They have been given the option of
purchasing up to five points to lower their rate to 4.93%. How much will the five
points cost them? (2 points)
O $7,210
O $7,000
O $6.902
O $1,400
What’s the answer

i did it myself and i got 4.2 (b) hope its right

step-by-step explanation:

answer: 10 meter

step-by-step explanation:

need details

the solution of the equation is 2.23 ⇒ answer b

step-by-step explanation:

* lets revise the meaning of exponential function

- the form of the exponential function is y = ab^x, where a ≠ 0, b > 0 ,  

  b ≠ 1, and x is any real number

- it has a constant base b

- it has a variable exponent x

- to solve an exponential equation, take the log or ln of both sides,  

  and solve for the variable

* lets solve the problem

∵

- the base is 7 and the exponent is x

- insert ㏑ in both sides

∴

- use the rule

∴ x ㏑(7) = ㏑(77)

- to find x divide both sides by ㏑(7)

∴

* the solution of the equation is 2.23 to the nearest 2 decimal places