The monthly payment for a home loan is given by a function f(P,r,N) where P is the principal (theinitial size of the loan), r the interest rate, and N the length of the loan in months. Interest rates areexpressed as a decimal: A % interest rate is denoted by r = 0.06. If P = 100000, r = 0.06, and N = 240(a20-year loan), then the monthly payment is f(100000, 0.06, 240) = 1413. Furthermore, with these valueswe haveafӘРafaf= 0.0063,= 7068,= -1.3733მუƏNEstimate:(a) The change in monthly payment per 3500 increase in loan principal:Af≈dollars(b) The change in monthly payment if the interest rate changes from r = 0.06 to r = 0.07:Af≈dollars(c) The change in monthly payment if the length of the loan changes from 20 to 23 years:Af≈dollars

In partial differentiation we differentiate function of several variable with respect to a…

Answered: The monthly payment for a home loan is…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Which of the following is the correct excel formula that describes the monthly payment of a loan ($800) that is fixed with an APR of 0.99% that lasts for 15 years? Group of answer choices =PMT(.0099/12,15*12,-800) =PMT(0.0099,12*15,-800) =PMT(0.0099/12,15,-800) =PMT(0.99/12,12*15,-800) =PMT(.099/12,180,-800)
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As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $127,700 6.75% 15 $ $2,370 $1,325 $
The monthly payment is $ enter your response here. (Round to the nearest cent as needed.)

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