Explanation Given that a homebuyer takes out a mortgage of $100,000 with an interest rate 9%. Obtain the monthly interest rate as shown below. r m = r 12 = 0.09 12 = 0.0075 Similarly, obtain the multiplication factor as follows. ρ = 1 + r m = 1 + 0.0075 = 1.0075 Obtain the formula for the balance y n of the nth month as shown below. y n = ρ n ( y 0 − b 1 − ρ ) + b 1 − ρ = 1.0075 n ( 100000 − b 1 − 1.0075 ) + b 1 − 1.0075 = 1.0075 n ( 100000 + b 0.0075 ) − b 0.0075 Note that if the loan is paid back in 30 years then y 360 = 0 . Obtain the monthly payment that the loan is paid in 30 years is as follows. y 360 = 0 1.0075 360 ( 100000 + b 0.0075 ) − b 0.0075 = 0 ( 1.0075 360 0.0075 − 1 0.0075 ) b = − 100000 ( 1.0075 360 ) b = − 100000 ( 1.0075 360 ) 1.0075 360 0.0075 − 1 0.0075 b ≈ − $ 804

Elementary Differential Equations and Boundary Value Problems, Enhanced

11th Edition

ISBN: 9781119381648

Author: Boyce

Publisher: WILEY

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Question

Chapter 2.9, Problem 7P

To determine

The monthly payment required to pay off the loan in 30 years and in 20 years and the total amount paid during the term of the loan in each of these cases.

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Chapter 2.9, Problem 6P

Chapter 2.9, Problem 8P

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Chapter 2 Solutions

Elementary Differential Equations and Boundary Value Problems, Enhanced

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Ch. 2.1 - Prob. 11P Ch. 2.1 - Prob. 12P Ch. 2.1 - Prob. 13P Ch. 2.1 - Prob. 14P Ch. 2.1 - Prob. 15P Ch. 2.1 - Prob. 16P Ch. 2.1 - Prob. 17P Ch. 2.1 - Prob. 18P Ch. 2.1 - Prob. 19P Ch. 2.1 - Prob. 20P Ch. 2.1 - Prob. 21P Ch. 2.1 - Prob. 22P Ch. 2.1 - Prob. 23P Ch. 2.1 - Prob. 24P Ch. 2.1 - Prob. 25P Ch. 2.1 - Prob. 26P Ch. 2.1 - Prob. 27P Ch. 2.1 - Variation of Parameters. Consider the following...Ch. 2.1 - Prob. 29P Ch. 2.1 - In each of Problems 29 and 30, use the method of...Ch. 2.2 - Prob. 1P Ch. 2.2 - Prob. 2P Ch. 2.2 - Prob. 3P Ch. 2.2 - Prob. 4P Ch. 2.2 - Prob. 5P Ch. 2.2 - Prob. 6P Ch. 2.2 - In each of Problems 1 through 8, solve the given...Ch. 2.2 - In each of Problems 1 through 8, solve the given...Ch. 2.2 - Prob. 9P Ch. 2.2 - Prob. 10P Ch. 2.2 - Prob. 11P Ch. 2.2 - Prob. 12P Ch. 2.2 - Prob. 13P Ch. 2.2 - Prob. 14P Ch. 2.2 - Prob. 15P Ch. 2.2 - Prob. 16P Ch. 2.2 - Prob. 17P Ch. 2.2 - Prob. 18P Ch. 2.2 - Prob. 19P Ch. 2.2 - Prob. 20P Ch. 2.2 - Prob. 21P Ch. 2.2 - Prob. 22P Ch. 2.2 - Prob. 23P Ch. 2.2 - Prob. 24P Ch. 2.2 - Prob. 25P Ch. 2.2 - Prob. 26P Ch. 2.2 - Prob. 27P Ch. 2.2 - Prob. 28P Ch. 2.2 - Prob. 29P Ch. 2.2 - Prob. 30P Ch. 2.2 - Prob. 31P Ch. 2.3 - Prob. 1P Ch. 2.3 - Prob. 2P Ch. 2.3 - Prob. 3P Ch. 2.3 - Prob. 4P Ch. 2.3 - Prob. 5P Ch. 2.3 - Prob. 6P Ch. 2.3 - Prob. 7P Ch. 2.3 - Prob. 8P Ch. 2.3 - Prob. 9P Ch. 2.3 - Prob. 10P Ch. 2.3 - Prob. 11P Ch. 2.3 - Prob. 12P Ch. 2.3 - Prob. 13P Ch. 2.3 - Prob. 14P Ch. 2.3 - Prob. 15P Ch. 2.3 - Prob. 16P Ch. 2.3 - Assume that the conditions are as in Problem 16...Ch. 2.3 - Prob. 18P Ch. 2.3 - Prob. 19P Ch. 2.3 - Prob. 20P Ch. 2.3 - Prob. 21P Ch. 2.3 - Prob. 22P Ch. 2.3 - Prob. 23P Ch. 2.3 - Prob. 24P Ch. 2.4 - In each of Problems 1 through 6, determine...Ch. 2.4 - Prob. 2P Ch. 2.4 - Prob. 3P Ch. 2.4 - Prob. 4P Ch. 2.4 - Prob. 5P Ch. 2.4 - Prob. 6P Ch. 2.4 - Prob. 7P Ch. 2.4 - Prob. 8P Ch. 2.4 - Prob. 9P Ch. 2.4 - Prob. 10P Ch. 2.4 - Prob. 11P Ch. 2.4 - Prob. 12P Ch. 2.4 - Prob. 13P Ch. 2.4 - Prob. 14P Ch. 2.4 - Prob. 15P Ch. 2.4 - Prob. 16P Ch. 2.4 - Prob. 17P Ch. 2.4 - Prob. 18P Ch. 2.4 - Prob. 19P Ch. 2.4 - Prob. 20P Ch. 2.4 - Prob. 21P Ch. 2.4 - Prob. 22P Ch. 2.4 - Prob. 23P Ch. 2.4 - Prob. 24P Ch. 2.4 - Prob. 25P Ch. 2.4 - Prob. 26P Ch. 2.4 - Prob. 27P Ch. 2.5 - Prob. 1P Ch. 2.5 - Prob. 2P Ch. 2.5 - Prob. 3P Ch. 2.5 - Prob. 4P Ch. 2.5 - Prob. 5P Ch. 2.5 - Prob. 6P Ch. 2.5 - Prob. 7P Ch. 2.5 - Prob. 8P Ch. 2.5 - Prob. 9P Ch. 2.5 - Prob. 10P Ch. 2.5 - Prob. 11P Ch. 2.5 - Prob. 12P Ch. 2.5 - Prob. 13P Ch. 2.5 - Prob. 14P Ch. 2.5 - Prob. 15P Ch. 2.5 - Prob. 16P Ch. 2.5 - Prob. 17P Ch. 2.5 - Prob. 18P Ch. 2.5 - Prob. 19P Ch. 2.5 - Prob. 20P Ch. 2.5 - Prob. 21P Ch. 2.5 - Prob. 22P Ch. 2.5 - Prob. 23P Ch. 2.5 - Prob. 24P Ch. 2.5 - Prob. 25P Ch. 2.5 - Prob. 26P Ch. 2.5 - Prob. 27P Ch. 2.6 - Prob. 1P Ch. 2.6 - Prob. 2P Ch. 2.6 - Prob. 3P Ch. 2.6 - Prob. 4P Ch. 2.6 - Prob. 5P Ch. 2.6 - Prob. 6P Ch. 2.6 - Prob. 7P Ch. 2.6 - Prob. 8P Ch. 2.6 - Prob. 9P Ch. 2.6 - Prob. 10P Ch. 2.6 - Prob. 11P Ch. 2.6 - Prob. 12P Ch. 2.6 - Prob. 13P Ch. 2.6 - Prob. 14P Ch. 2.6 - Prob. 15P Ch. 2.6 - Prob. 16P Ch. 2.6 - Prob. 17P Ch. 2.6 - Prob. 18P Ch. 2.6 - Prob. 19P Ch. 2.6 - Prob. 20P Ch. 2.6 - Prob. 21P Ch. 2.6 - Prob. 22P Ch. 2.7 - Prob. 1P Ch. 2.7 - Prob. 2P Ch. 2.7 - Prob. 3P Ch. 2.7 - Prob. 4P Ch. 2.7 - Prob. 5P Ch. 2.7 - Prob. 6P Ch. 2.7 - Prob. 7P Ch. 2.7 - Prob. 8P Ch. 2.7 - Prob. 9P Ch. 2.7 - Prob. 10P Ch. 2.7 - Prob. 11P Ch. 2.7 - Prob. 12P Ch. 2.7 - Prob. 14P Ch. 2.7 - Prob. 15P Ch. 2.7 - Prob. 16P Ch. 2.7 - Prob. 17P Ch. 2.8 - Prob. 1P Ch. 2.8 - Prob. 2P Ch. 2.8 - Prob. 3P Ch. 2.8 - Prob. 4P Ch. 2.8 - Prob. 5P Ch. 2.8 - Prob. 6P Ch. 2.8 - Prob. 7P Ch. 2.8 - Prob. 8P Ch. 2.8 - Prob. 9P Ch. 2.8 - Prob. 10P Ch. 2.8 - Prob. 11P Ch. 2.8 - Prob. 12P Ch. 2.8 - Prob. 13P Ch. 2.8 - Prob. 14P Ch. 2.8 - Prob. 15P Ch. 2.8 - Prob. 16P Ch. 2.8 - Prob. 17P Ch. 2.8 - Prob. 18P Ch. 2.9 - Prob. 1P Ch. 2.9 - Prob. 2P Ch. 2.9 - Prob. 3P Ch. 2.9 - Prob. 4P Ch. 2.9 - Prob. 5P Ch. 2.9 - Prob. 6P Ch. 2.9 - Prob. 7P Ch. 2.9 - Prob. 8P Ch. 2.9 - Prob. 9P Ch. 2.9 - Prob. 10P Ch. 2 - Prob. 1MP Ch. 2 - Prob. 2MP Ch. 2 - Prob. 3MP Ch. 2 - Prob. 4MP Ch. 2 - Prob. 5MP Ch. 2 - Prob. 6MP Ch. 2 - Prob. 7MP Ch. 2 - Prob. 8MP Ch. 2 - Prob. 9MP Ch. 2 - Prob. 10MP Ch. 2 - Prob. 11MP Ch. 2 - Prob. 12MP Ch. 2 - Prob. 13MP Ch. 2 - Prob. 14MP Ch. 2 - Prob. 15MP Ch. 2 - Prob. 16MP Ch. 2 - Prob. 17MP Ch. 2 - Prob. 18MP Ch. 2 - Prob. 19MP Ch. 2 - Prob. 20MP Ch. 2 - Prob. 21MP Ch. 2 - Prob. 22MP Ch. 2 - Prob. 23MP Ch. 2 - Prob. 24MP Ch. 2 - Prob. 25MP Ch. 2 - Prob. 28MP Ch. 2 - Prob. 29MP Ch. 2 - Prob. 31MP Ch. 2 - Prob. 32MP Ch. 2 - Prob. 33MP Ch. 2 - Prob. 34MP Ch. 2 - Prob. 35MP Ch. 2 - Prob. 36MP Ch. 2 - Prob. 37MP

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