The relationship between the balance B (in dollars) left on a mortgage loan and N, the number of monthly payments, is given by B=309,600-860N.   What is the balance on the mortgage after 10 years?$Enter your answer; What is the balance on the mortgage after 10 years?   20 years?$Enter your answer; What is the balance on the mortgage after 20 years?   30 years?

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.1: Exponential Functions
Problem 4E
icon
Related questions
icon
Concept explainers
Topic Video
Question

The relationship between the balance B (in dollars) left on a mortgage loan and N, the number of monthly payments, is given by

B=309,600-860N.

 

What is the balance on the mortgage after 10 years?

$Enter your answer; What is the balance on the mortgage after 10 years?

 

20 years?

$Enter your answer; What is the balance on the mortgage after 20 years?

 

30 years?


Expert Solution
steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning