You can save a significant amount of mortgage interest paid if you make one additional principal and interest payment a year. This will reduce a 30-year mortgage by around 6 years. It also increases your equity in the home faster. If you choose to pay one additional mortgage payment a year by paying 1/12 of it each month (make certain to note the extra money is to reduce principal), how much will you pay each month for a mortgage of $152,000 at 3.5% for 16 years?

A = $237,120.00

I = A - P = $85,120.00

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 3.5%/100 = 0.035 per year.

Solving our equation:

A = 152000(1 + (0.035 × 16)) = 237120

A = $237,120.00

The total amount accrued, principal plus interest, from simple interest on a principal of $152,000.00 at a rate of 3.5% per year for 16 years is $237,120.00.

c. y = 1/4 x + 5

step-by-step explanation:

first, put the equation of the line on the graph into slope-intercept form

(y = mx + b):   y = -4x + 8

second, a perpendicular line has to have "an opposite/reciprocal slope" to the original slope. so, find the "m" value in your original equation (it's -4, right? )

original slope: m = -4   perpendicular slope: change the sign to its opposite and find the reciprocal ("flip" the number)

new slope is now positive (b/c the original slope was negative 4), and it's 1/4 (not the original slope of 4 or 4/1)