What is the remaining balance on a 30-year, $400,000 mortgage after 70 months? Assume monthly payments and a nominal rate (monthly compounding) of 5.90%.

The loan balance after 70 months will be $ 366184.45

Explanation:

r = 0.059/12

Present Value (Pv) = 400000

n = 30 x 12 = 360

Monthly Payments = rPv/(1 - (1+r)^-n)

Monthly Repayments = (0.059/12) x 400000/(1 - (1+0.059/12)^-360)

Monthly Repayments = 1966.66664/0.828926661 = 2372.5460074

Monthly Repayments = 2372.55

Loan Balance = PV(1+r)^n - P((1+r)^n - 1)/r

      = 400000(1+0.059/12)^70 - 2372.55((1+0.059/12)^360 -1)/0.059/12

      = 563849.79539 - 197665.34102 = 366184.4543

The loan balance after 70 months will be $ 366184.45

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )