(a).
To calculate:the approximate lengths of a
(a).
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Answer to Problem 113E
The length of mortgage is
The length of mortgage is
Explanation of Solution
Given:
The model:
The model approximates the lengths of a home mortgage of
In the model,
The monthly payments given:
Calculation:
As per the given problem,
The model:
For the monthly payment of
Substitute the value of
Therefore, the length of mortgage is
For the monthly payment of
Substitute the value of
Therefore, the length of mortgage is
(b).
To calculate: the approximate amount paid over the term of the mortgage for the given monthly payments.
Then calculate the interest amount paid for each payment.
(b).
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Answer to Problem 113E
For the monthly payment of
Total amount paid over
The interest amount is
For the monthly payment of
The total amount paid over
The interest amount is
Explanation of Solution
Given:
The model:
The model approximates the lengths of a home mortgage of
In the model,
The monthly payments given:
The length of mortgage is
The length of mortgage is
Calculation:
As per the given problem,
Amount of mortgage
For the monthly payment of
The interest amount is
For the monthly payment of
The interest amount is
Chapter 3 Solutions
EP PRECALC.GRAPHING APPR.-WEBASSIGN-1YR
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