A mortgage is taken out for £80,000. It is paid by annual instalments of £5000 with the first payment being made at the end of the first year that the mortgage was taken out. Interest of 4% is then charged on any outstanding debt. Find the total time taken to pay off the mortgage.

File: 41 KB, 465x343, mortgage.jpg [View same] [iqdb] [saucenao] [google]

Anonymous Sat Mar 31 04:11:52 2012 No.4525550 [Reply] [Original]

A mortgage is taken out for £80,000. It is paid by annual instalments of £5000 with the first payment being made at the end of the first year that the mortgage was taken out. Interest of 4% is then charged on any outstanding debt. Find the total time taken to pay off the mortgage.

>>	Anonymous Sat Mar 31 04:12:59 2012 No.4525551 In this economy? It will never be paid.

>>	Anonymous Sat Mar 31 04:13:07 2012 No.4525553 >>4525551 This question hard I don't understand. is each year takeaway (5000x1.04)?

>>	Anonymous Sat Mar 31 04:33:31 2012 No.4525567 >>4525550 >econ >/sci/

>>	Anonymous Sat Mar 31 04:48:16 2012 No.4525579 File: 47 KB, 419x333, 1281216031139.jpg [View same] [iqdb] [saucenao] [google] http://www.wolframalpha.com/input/?i=80%2C000+mortgage+4%25+interest+%245000+payments >learn to wolframalpha

Advanced search
Text to find
Subject [?]Search by post subject. Leave empty for any.
Username [?]Search for user name. Leave empty for any user name.
Tripcode [?]Search for tripcode. Leave empty for any.
Email [?]Search by email. Leave empty for any.
Filename [?]Search by image filename. Leave empty for any.
From Date [?]Enter what date to start searching from. Format is YYYY-MM-DD
To Date [?]Enter what date to start searching until. Format is YYYY-MM-DD
Image hash
Search in	All Posts OPs Only
Deleted posts	Show all posts Show only deleted posts Only show non-deleted posts
Internal posts	Show all posts Show only internal posts Show only archived posts
Order	New posts first Old posts first
Capcode	All Posts Only by Users Only by Mods Only by Admins Only by Developers
Results	Posts Threads
Action	[ Simple ]

/sci/ - Science & Math