
a.
To find: When the mortgage is completely paid.
The mortgage will be paid in
Given information:
The mortgage value is given
Monthly payment is
Interest,
Calculation:
The borrowed amount is,
To find the loan amount to be paid at the end of
Thus the remaining amount left is,
From the present value, solving for
Multiplying by
Taking log on both sides,
There required
Therefore, the total amount of time required to pay off the loan will be
b.
To find: 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
The actual plan involves
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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