bank will loan up to 75 of the equity in a home A family purchased their home 8 years ago for $125,900 The home was financed by paying 20 down and signing a 30 year mortgage at 8 75 for the balance Equal monthly payments were to be made over the 30 years The market value of the house in now $140,000 After making the 96 th payment, the family applied to the bank for the maximum loan Show your work Write out the formula that you are going to use and then place the numbers in the formula appropriately Round your answer to the nearest penny a (5) What is the amount of the original mortgage b (10) What are the payments that the family will make on the mortgage c (10) How much will the family owe on the mortgage after making their 96 th payment HINT They will owe the bank 264 payments d (5) What is the equity the family has e (5) What is the maximum amount that the bank will loan them (30 Points) A person deposits $475 each month into an IRA which pays 8 25 compounded monthly for 20 years Show your work Write out the formula that you are going to use and then place the numbers in the formula appropriately Round your answer to the nearest penny a (10) How much will be in the account after 20 years b (10) Since the person is not ready to retire, they invest the total that is in the account at 8 25 compounded monthly for the next 10 years They make no additional payments to the account How much will be in the account at the end of 10 years c (10) If the person immediately begins to withdraw money from the account, as they have retired How much money can they withdraw per month if the account continues to earn the same interest rate and they want the money to last for 20 years (20 Points) Set up the following system of equations as a matrix equation, and then solve using matrix inverses Set up theappropriatematrixequationandsolveitforthesolutionmatrixwithx 1 ,x 2 , and x 3 Thendothecalculations to find the inverse matrix and the final solution on yourcalculator Show the result of the inverse matrix Please check what a matrix equation looks like before answering this question (10 Points) Find the matrix product SHOW HOW MATRIX MULTIPLICATION IS DONE This is not a calculator problem NO WORK, NOCREDIT (20 Points) Find the inverse of the following square matrix Use row operations on Show all of the steps IDENTIFY EACH ROW OPERATION THAT YOU ARE USING, Show one step at a time Don't do two steps at the same time If you don't show all of the steps, you will get NO CREDIT Express answers as integers or fractions in lowest terms Decimal answers are not acceptable (20 Points) Use the Gauss Jordan Method to solve the system of equations SHOW YOUR WORK IDENTIFY EACH ROW OPERATION THAT YOU ARE USING Use one step at a time Do not cut corners doing more than one step with each matrix Interpret the results USE ADDITIONAL SHEETS IF NEEDED Please be neat I will not try to decipher sloppy work a (10)Discuss the possible interpretations of the elements in the matrix products b (10) If either product,has a meaningful interpretation, find the product and label its rows and columns c (10)Discuss the methods of matrix multiplication that can be used to find the supplier that will provide the necessary materials at the lowest cost (10 Points) You want to purchase a car for $32,650 The dealer offers you 0 financing for 60 months or a $5000 rebate You can obtain 5 2 financing for 60 months at a local bank Which option is the better deal and by how much total Show your work and explain clearly how one deal is better than the other

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 05, 2024

bank will loan up to 75% of the equity in a home. A family purchased their home 8 years ago for $125,900. The home was

bank will loan up to 75% of the equity in a home. A family purchased their home 8 years ago for $125,900. The home was financed by paying 20% down and signing a 30-year mortgage at 8.75% for the balance. Equal monthly payments were to be made over the 30 years. The market value of the house in now $140,000. After making the 96^thpayment, the family applied to the bank for the maximum loan.Show your work. Write out the formula that you are going to use and then place the numbers in the formula appropriately. Round your answer to the nearest penny. a. (5)What is the amount of the original mortgage? ______________________________________ b. (10)What are the payments that the family will make on the mortgage? ______________________________________

c. (10)How much will the family owe on the mortgage after making their 96^th payment? HINT: They will owe the bank 264 payments.

______________________________________

d.(5)What is the equity the family has?

_______________________________________

e. (5)What is the maximum amount that the bank will loan them?

_______________________________________

(30 Points)A person deposits $475 each month into an IRA which pays 8.25% compounded monthly for 20 years. Show your work. Write out the formula that you are going to use and then place the numbers in the formula appropriately. Round your answer to the nearest penny. a. (10)How much will be in the account after 20 years?

b. (10)Since the person is not ready to retire, they invest the total that is in the account at 8.25% compounded monthly for the next 10 years. They make no additional payments to the account. How much will be in the account at the end of 10 years?

c. (10)If the person immediately begins to withdraw money from the account, as they have retired. How much money can they withdraw per month if the account continues to earn the same interest rate and they want the money to last for 20 years?

(20 Points)Set up the following system of equations as a matrix equation, and then solve using matrix inverses.Set up theappropriatematrixequationandsolveitforthesolutionmatrixwithx₁,x₂, and x₃.Thendothecalculations to find the inverse matrix and the final solutionon yourcalculator. Show the result of the inverse matrix. Please check what a "matrix equation" looks like before answering this question.

(10 Points)Find the matrix product.SHOW HOW MATRIX MULTIPLICATION IS DONE.This is not a calculator problem.NO WORK, NOCREDIT.

(20 Points)Find the inverse of the following square matrix. Use row operations on.Show all of the steps. IDENTIFY EACH ROW OPERATION THAT YOU ARE USING, Show one step at a time.

Don't do two steps at the same time. If you don't show all of the steps, you will get NO CREDIT. Express answers as integers or fractions in lowest terms. Decimal answers are not acceptable.

(20 Points)Use the Gauss-Jordan Methodto solve the system of equations. SHOW YOUR WORK.

IDENTIFY EACH ROW OPERATION THAT YOU ARE USING. Use one step at a time.Do not cut corners doing more than one step with each matrix. Interpret the results.

USE ADDITIONAL SHEETS IF NEEDED. Please be neat. I will not try to "decipher" sloppy work.

a.(10)Discuss the possible interpretations of the elements in the matrix products. b.(10) If either product,has a meaningful interpretation, find the product and label its rows and columns. c. (10)Discuss the methods of matrix multiplication that can be used to find the supplier that will provide the necessary materials at the lowest cost.

(10 Points)You want to purchase a car for $32,650. The dealer offers you 0% financing for 60 months or a $5000 rebate. You can obtain 5.2% financing for 60 months at a local bank. Which option is the better deal and by how much total? Show your work and explain clearly how one deal is better than the other.