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The length t (in years) of a home mortgage of $150,000 at 8% interest can be approximated by the model t= 12.542 In-100) x> 1000 where x represents the monthly payment (in doliars) (see figure).

The length t (in years) of a home mortgage of $150,000 at 8% interest can be approximated by the model t= 12.542 In-100) x> 1000 where x represents the monthly payment (in doliars) (see figure).

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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webassign.net/v The length t (in years) of a home mortgage of $150,000 at 8% interest can be approximated by the model t= 12.542 in1o00) x> 1000 where x represents the monthly payment (in doliars) (see figure). 30 25 15 10 5- 2000 4000 6000 000 10,000 Monthly payment (in dollan) (a) Use the model to approximate the length of a $150,000 mortgage at 8% interest when the monthly payment is $1160.68 and when the monthly payment is $1334.66. (Round your answers to the nearest year) $1160.68 monthly payment $1334.66 monthly payment yr yr (b) Approximate the total amount paid over the term of the mortgage with a monthly payment of $1160.68 and with a monthly payment of $1334.66. (Round your answers to the nearest cent.) $1160.68 monthly payment $1334.66 monthly payment 24 (c) Approximate the total interest charge for a monthly payment of $1160.68 and for a monthiy payment of $1334.66. (Round your answers to the nearest cent.) $1160.68 monthly payment $1334.66 monthly payment Length of mortgage (Seak u
Transcribed Image Text:webassign.net/v The length t (in years) of a home mortgage of $150,000 at 8% interest can be approximated by the model t= 12.542 in1o00) x> 1000 where x represents the monthly payment (in doliars) (see figure). 30 25 15 10 5- 2000 4000 6000 000 10,000 Monthly payment (in dollan) (a) Use the model to approximate the length of a $150,000 mortgage at 8% interest when the monthly payment is $1160.68 and when the monthly payment is $1334.66. (Round your answers to the nearest year) $1160.68 monthly payment $1334.66 monthly payment yr yr (b) Approximate the total amount paid over the term of the mortgage with a monthly payment of $1160.68 and with a monthly payment of $1334.66. (Round your answers to the nearest cent.) $1160.68 monthly payment $1334.66 monthly payment 24 (c) Approximate the total interest charge for a monthly payment of $1160.68 and for a monthiy payment of $1334.66. (Round your answers to the nearest cent.) $1160.68 monthly payment $1334.66 monthly payment Length of mortgage (Seak u
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