a.
To Approximate: the lengths of a $150,000 mortgage at 6% when the monthly payment is $879.72 and when the monthly payment is $1659.24.
a.

Answer to Problem 70E
When the monthly payment is $879.72, the length is 30
When the monthly payment is $1659.24, the length is 10
Explanation of Solution
Given:
The model
Calculation:
Put
b.
To Approximate: the total amounts paid over the term of the mortgage with a monthly payment of $879.72 and with a monthly payment of $1659.24 and what amount of the total is interest costs in each case
b.

Answer to Problem 70E
Total amount paint when the monthly payment is $1659.24 = $323179.20
Total amount paint when the monthly payment is $1659.24 = $199108.80
Explanation of Solution
Given:
The model
Calculation:
First we find the total amount paint when the monthly payment is $879.72
From part (a) we know that when the monthly payment is $879.72, the length is 30
So, total amount paid
Now we find the total amount paint when the monthly payment is $1659.24
From part (a) we know that when the monthly payment is $1659.24, the length is 10
So, total amount paid
c.
To calculate: the vertical asymptote for the model and Interpret its meaning in the context of the problem.
c.

Answer to Problem 70E
Interest charge for a monthly payment of $879.72 is 173179.20
Interest charge for a monthly payment of $1659.24 is 49108.80
Explanation of Solution
Given:
The model
Total amount paint when the monthly payment is $1659.24 = $323179.20
Total amount paint when the monthly payment is $1659.24 = $199108.80
Calculation:
Total interest charge = total amount - mortgage payment
Interest charge for a monthly payment of $879.72
Interest charge = 323179.20 - 150000= 173179.20
Interest charge for a monthly payment of $1659.24
Interest charge = 199108.80 - 150000= 49108.80
Chapter 3 Solutions
EBK PRECALCULUS W/LIMITS
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