Concept explainers
Home Mortgage The term t (in years) of a $200,000 home mortgage at 7.5% interest can be approximated by
where x is the monthly payment in dollars.
(a) Use a graphing utility to graph the model.
(b) Use the model to approximate the term of a home mortgage for which the monthly payment is $1398.43. What is the total amount paid?
(c) Use the model to approximate the term of a home mortgage for which the monthly payment is $1611.19. What is the total amount paid?
(d) Find the instantaneous rates of change of t with respect to x when
(e) Write a short paragraph describing the benefit of the higher monthly payment.
Trending nowThis is a popular solution!
Chapter 5 Solutions
Calculus (MindTap Course List)
- The half-life of plutonium-244 is 80,000,000 years. Find function gives the amount of carbon-14 remaining as a function of time, measured in years.arrow_forwardAn investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000 Compare the values of the account after 9 yearswhen the interest is compounded annually, quarterly,monthly, and continuously.arrow_forward
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
- Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin HarcourtTrigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage Learning