Concept explainers
Debt refinancing When a debt is refinanced, sometimes the term of the loan (that is, the time it takes to repay the debt) is shortened. Suppose the current interest rate is 7% and a couple’s current debt $100,000. The monthly payment R of the refinanced debt is a function of the term of the loan, t, in years. If we represent this function R = f(t), then the following tables defines the function.
t | A | t | A |
5 | 1980.12 | 15 | 898.83 |
10 | 1161.09 | 20 | 775.3 |
15 | 1028.39 | 25 | 706.78 |
If the couple refinances for 20 years, what is the monthly payment? Write this correspondence in the form R = f(t).
Find f(10) and write a sentence that explains its meaning.
Does f(5 + 5) = f(5) + f(5)? Explain.
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