Acouple gets financing for 70% of the $450,000 purchase price of a house at the rate of 5% on the monthly unpaid balance. using the provided table find the total amount paid to the finance company if the loan is repaid in 20 years.
a.
$330,750.00
c.
$472,500.00
b.
$712,752.00
d.
$498,960.00

$498,960.00 amount paid to the finance company.

Option D is correct.

Step-by-step explanation:

A couple gets financing for 70% of the $450,000 purchase price of a house.

First we find amount to finance by company

Finance amount = 70% of 450000 = 0.7 x 450000 = $315,000

Number of thousands in 315,000 (divide by 1000) = 315

The rate of loan is 5% on unpaid balance for 20 years.

Using table we will see the monthly payment per thousands for 5% rate in 20-years.

Monthly payments per thousands = $6.60

Number of thousands for finance value = 315

Monthly payment for finance value = 315 x 6.6 = $2079

Total amount paid to the finance company in 20 years = 20 x 12 x 2079 = $498,960

Hence, $498,960 amount paid to the finance company.

1 number

if we use a graphing calculator, there is only one such number that satisfies the conclusion of the mean value theorem, that is, a number such that

where the right-hand side is the average rate of change of f on the interval [0.5,0.75], which is the slope of the secant line.

in the attached graph, the black line is the secant line which has its slope as the average rate of change of f on [0.5,0.75], while the orange line is the only tangent line to the graph of f in the interval that satisfies the mvt conclusion.