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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

APPLICATIONS

Mortgage Dr. Gupta is considering a 30 - y e a r mortgage at 6 % interest. She can make payments of $ 3500 a month. What size loan can she afford?

To determine

To find:

The size of loan that Dr. Gupta can afford, considering a 30-year mortgage at 6% interest with a payment of $3500 a month.

Explanation

Given:

The interest per year is,

i=6%

Number of years is,

n=30

The payment R is,

R=$3500

Approach:

The loan can be considered as an annuity whose present value, Ap (size of the loan) is given by the formula for present value of an annuity consisting of n regular payments of size R and interest rate i per time period; that is,

Ap=R1(1+i)ni ... (1)

Calculation:

The number of regular payments is given by,

n=30×12=360

The interest per year is given by,

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Chapter 13 Solutions

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