Solve the problem.You are purchasing a home for $220,000 and are shopping for a loan. You have a total of $40,000 to put down. In addition, there are $800 in closing costs loan and any loan fee that might be charged. Bank A offers a 10% APR amortized over 20 years with 240 equal monthly payments. There is no loan fee. Bank B offers an 8.5% APR amortized over 20 years with 240 equal monthly payments. There is a 4% loan fee (i.e., a one-time up-front charge of 4% of the loan). Calculate the monthly mortgage payment of both loans and identify which is the better loan.
A. Bank A: $1737; Bank B: $1562; Bank B offers a better loan
B. Bank A: $1745; Bank B: $1569; Bank A offers a better loan
C. Bank A: $1737; Bank B: $1562; Bank A offers a better loan
D. Bank A: $1745; Bank B: $1569; Bank B offers a better loan
E. Bank A: $2123; Bank B: $1909; Bank B offers a better loan
Answer: A
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Solve.The amount of water used to take a shower is directly proportional to the amount of time that the shower is in use. A shower lasting 23 minutes requires 9.2 gallons of water. Find the amount of water used in a shower lasting 5 minutes.
A. 1.84 gallons B. 12.5 gallons C. 42.32 gallons D. 2 gallons
Provide an appropriate response.True or False? Every integer is a whole number.
A. True B. False
Find the indicated term for the geometric sequence.-3, -6, -12, -24 , . . . ; 10th term
A. 3072 B. -1536 C. 6144 D. -512
Provide an appropriate response.Explain in your own words what a complement (with respect to 1 or 100%) is. Using complements, explain how to find the net cost equivalent of a series discount.
What will be an ideal response?