When a homeowner has a 25-year variable-rate mortgage loan, the monthly payment R is a function of the amount of theloan A and the current interest rate i (as a percent); that is, R = f(A, i). Interpret each of the following.(a)f(150,000, 8) = 773.89For a loan of $150,000 at 8% interest, the monthly payment is $773.89.For a loan of $150,000 at 7.7389% interest, 800 monthly payments would be required to pay off the loan.For a loan of $150,000 at 8% interest, 773.89 monthly payments would be required to pay off the loan.For a loan of $150,000 at 7.7389% interest, the monthly payment is $800.af(b)(150,000, 8) = 68.74O For a loan of $150,000 at 8% interest, an 8% change in the interest rate would result in a $68.74 change inthe monthly payment.For a loan of $150,000 at 8% interest, a 6.874% change in the interest rate would result in an $8.00 changein the monthly payment.For a loan of $150,000 at 8% interest, a 1% change in the interest rate would result in a $68.74 change inthe monthly payment.For a loan of $150,000 at 8% interest, a 6.874% change in the interest rate would result in an $80.00change in the monthly payment.

We have to interpret the above term.

Answered: When a homeowner has a 25-year…

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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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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Average Annual Cost $12,567 $19,345 YEAR 2009 2019 4. The table above gives the average annual cost for a four year PUBLIC college. Please answer the following questions from the chart. A. Write an EXPONENTIAL FUNCTION to model this situation. ( Round to the nearest hundredth for the BASE)
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