HOME MORTGAGE The total interest u paid on a home mortgage of P dollars at interest rate r for t years is rt u = P 1 12t 1 - 1 + r/12, Consider a $120,000 home mortgage at 7-%. (a) Use a graphing utility to graph the total interest function. (b) Approximate the length of the mortgage for which the total interest paid is the same as the size of the mortgage. Is it possible that some people are paying twice as much in interest charges as the size of the mortgage?

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.