
a.
To find: Whenthe mortgage is completely paid.
The mortgage will be paid in
Given information:
The mortgage value is given
Monthly paymentis
Interest
Calculation:
The borrowed amount is,
Multiply the above equation on both sides to solve the exponential part,
Divide on both sides by
Subtract by
Taking log on both sides to get,
Solving the above equation to find the value of
Therefore, the mortgage will be paid in
b.
To find: How much the amount gets saved compared with the actual plan.
The amount get saved compared to the original plan is
Given information:
The mortgage value is given
Monthly payment is
Interest,
Calculation:
The total amount paid comparing with the actual plan is,
From part (a) it is known that the payment is increased by
So the total amount for the increased payment is,
Thus, the total amount saved is,
Therefore, the amount get saved compared to the original plan is
Chapter 3 Solutions
EBK PRECALCULUS:GRAPHICAL,...-NASTA ED.
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