Concept explainers
a.
To find the monthly payment on the mortgage if the loan is to be repaid in 30 years.
a.
Answer to Problem 66RE
Explanation of Solution
Given information:
Mortgage of $60, 000 at 9% which is to be paid in 30 years.
Calculation:
The formula for the monthly payment is given as
For the given problem,
Therefore,
b.
To find the monthly payment on the mortgage if the loan is to be repaid in 15 years.
b.
Answer to Problem 66RE
Explanation of Solution
Given information:
Mortgage of $60, 000 at 9% which is to be paid in 15 years.
Calculation:
The formula for the monthly payment is given as
For the given problem,
Therefore,
Chapter 12 Solutions
Precalculus: Mathematics for Calculus - 6th Edition
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