a. Answer Explanation Given information: The total interest u paid on a mortgage of P dollars at interest rate r for t years can be found using. u = P [ r t 1 − ( 1 + r / 12 ) − 12 t − 1 ] . Consider a $230,000 home mortgage at 4.75%. Calculation: The graph of the function using graphing utility is shown below. b. To determine To approximate: the length of the mortgage when the total interest paid is the same as the initial amount of the mortgage and is it possible to be charged twice as much in interest as the initial amount of the mortgage. Answer From the graph, when u =230000, t ≈ 33.50 years. Yes a mortgage in length of approximately 59.4 years will result in $ 460000 in interest. Explanation Given information: The total interest u paid on a mortgage of P dollars at interest rate r for t years can be found using. u = P [ r t 1 − ( 1 + r / 12 ) − 12 t − 1 ] . Consider a $230,000 home mortgage at 4.75%. Calculation: From the graph, when u =230000, t ≈ 33.50 years. Yes a mortgage in length of approximately 59.4 years will result in $ 460000 in interest.

8th Edition

ISBN: 9780357022078

Author: Larson

Publisher: CENGAGE L

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Question

Chapter 3.5, Problem 59E

To determine

To graph: the function using a graphing utility.

Expert Solution

Answer to Problem 59E

Explanation of Solution

Given information: The total interest u paid on a mortgage of P dollars at interest rate r

for t years can be found using.

u=P[rt1−(1+r/12)−12t−1] . Consider a $230,000 home mortgage at 4.75%.

Calculation:

The graph of the function using graphing utility is shown below.

EP PRECALC.GRAPHING APPR.-WEBASSIGN-1YR, Chapter 3.5, Problem 59E

To determine

To approximate: the length of the mortgage when the total interest paid is the same as the initial amount of the mortgage and is it possible to be charged twice as much in interest as the initial amount of the mortgage.

Expert Solution

Answer to Problem 59E

From the graph, when u =230000, t ≈33.50 years. Yes a mortgage in length of approximately 59.4 years will result in $ 460000 in interest.

Explanation of Solution

Given information: The total interest u paid on a mortgage of P dollars at interest rate r

for t years can be found using.

u=P[rt1−(1+r/12)−12t−1] . Consider a $230,000 home mortgage at 4.75%.

Calculation:

From the graph, when u =230000, t ≈33.50 years. Yes a mortgage in length of approximately 59.4 years will result in $ 460000 in interest.

Chapter 3.5, Problem 58E

Chapter 3.5, Problem 60E

Chapter 3 Solutions

EP PRECALC.GRAPHING APPR.-WEBASSIGN-1YR

Ch. 3.1 - Prob. 1E Ch. 3.1 - Prob. 2E Ch. 3.1 - Prob. 3E Ch. 3.1 - Prob. 4E Ch. 3.1 - Prob. 5E Ch. 3.1 - Prob. 6E Ch. 3.1 - Prob. 7E Ch. 3.1 - Prob. 8E Ch. 3.1 - Prob. 9E Ch. 3.1 - Prob. 10E

Ch. 3.1 - Prob. 11E Ch. 3.1 - Prob. 12E Ch. 3.1 - Prob. 13E Ch. 3.1 - Prob. 14E Ch. 3.1 - Prob. 15E Ch. 3.1 - Prob. 16E Ch. 3.1 - Prob. 17E Ch. 3.1 - Prob. 18E Ch. 3.1 - Prob. 19E Ch. 3.1 - Prob. 20E Ch. 3.1 - Prob. 21E Ch. 3.1 - Prob. 22E Ch. 3.1 - Prob. 23E Ch. 3.1 - Prob. 24E Ch. 3.1 - Prob. 25E Ch. 3.1 - Prob. 26E Ch. 3.1 - Prob. 27E Ch. 3.1 - Prob. 28E Ch. 3.1 - Prob. 29E Ch. 3.1 - Prob. 30E Ch. 3.1 - Prob. 31E Ch. 3.1 - Prob. 32E Ch. 3.1 - Prob. 33E Ch. 3.1 - Prob. 34E Ch. 3.1 - Prob. 35E Ch. 3.1 - Prob. 36E Ch. 3.1 - Prob. 37E Ch. 3.1 - Prob. 38E Ch. 3.1 - Prob. 39E Ch. 3.1 - Prob. 40E Ch. 3.1 - Prob. 41E Ch. 3.1 - Prob. 42E Ch. 3.1 - Prob. 43E Ch. 3.1 - Prob. 44E Ch. 3.1 - Prob. 45E Ch. 3.1 - Prob. 46E Ch. 3.1 - Prob. 47E Ch. 3.1 - Prob. 48E Ch. 3.1 - Prob. 49E Ch. 3.1 - Prob. 50E Ch. 3.1 - Prob. 51E Ch. 3.1 - Prob. 52E Ch. 3.1 - Prob. 53E Ch. 3.1 - Prob. 54E Ch. 3.1 - Prob. 55E Ch. 3.1 - Prob. 56E Ch. 3.1 - Prob. 57E Ch. 3.1 - Prob. 58E Ch. 3.1 - Prob. 59E Ch. 3.1 - Prob. 60E Ch. 3.1 - 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Prob. 111CR Ch. 3 - Prob. 112CR Ch. 3 - Prob. 113CR Ch. 3 - Prob. 114CR Ch. 3 - Prob. 115CR Ch. 3 - Prob. 116CR Ch. 3 - Prob. 117CR Ch. 3 - Prob. 118CR Ch. 3 - Prob. 119CR Ch. 3 - Prob. 120CR Ch. 3 - Prob. 121CR Ch. 3 - Prob. 122CR Ch. 3 - Prob. 123CR Ch. 3 - Prob. 124CR Ch. 3 - Prob. 125CR Ch. 3 - Prob. 126CR Ch. 3 - Prob. 1CT Ch. 3 - Prob. 2CT Ch. 3 - Prob. 3CT Ch. 3 - Prob. 4CT Ch. 3 - Prob. 5CT Ch. 3 - Prob. 6CT Ch. 3 - Prob. 7CT Ch. 3 - Prob. 8CT Ch. 3 - Prob. 9CT Ch. 3 - Prob. 10CT Ch. 3 - Prob. 11CT Ch. 3 - Prob. 12CT Ch. 3 - Prob. 13CT Ch. 3 - Prob. 14CT Ch. 3 - Prob. 15CT Ch. 3 - Prob. 16CT Ch. 3 - Prob. 17CT Ch. 3 - Prob. 18CT Ch. 3 - Prob. 19CT Ch. 3 - Prob. 20CT Ch. 3 - Prob. 21CT Ch. 3 - Prob. 22CT Ch. 3 - Prob. 23CT Ch. 3 - Prob. 24CT Ch. 3 - Prob. 25CT Ch. 3 - Prob. 26CT Ch. 3 - Prob. 27CT Ch. 3 - Prob. 28CT Ch. 3 - Prob. 29CT Ch. 3 - Prob. 30CT Ch. 3 - Prob. 1STP Ch. 3 - Prob. 2STP Ch. 3 - Prob. 3STP Ch. 3 - Prob. 4STP Ch. 3 - Prob. 5STP Ch. 3 - Prob. 6STP Ch. 3 - Prob. 7STP Ch. 3 - Prob. 8STP Ch. 3 - Prob. 9STP Ch. 3 - Prob. 10STP Ch. 3 - Prob. 11STP Ch. 3 - Prob. 12STP Ch. 3 - Prob. 13STP Ch. 3 - Prob. 14STP Ch. 3 - Prob. 15STP Ch. 3 - Prob. 16STP Ch. 3 - Prob. 17STP Ch. 3 - Prob. 18STP Ch. 3 - Prob. 19STP Ch. 3 - Prob. 20STP Ch. 3 - Prob. 21STP Ch. 3 - Prob. 22STP Ch. 3 - Prob. 23STP Ch. 3 - Prob. 24STP Ch. 3 - Prob. 25STP Ch. 3 - Prob. 26STP

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