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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 A couple can afford to make a monthly mortgage payment of $ 650 . If the mortgage rate is 9 % and the couple intends to secure a 30 - y e a r mortgage, how much can they borrow?

To determine

To find:

The amount of money that the couple can borrow intending to secure a 30-year mortgage at 9% interest and making monthly payments of $650.

Explanation

Given:

The mortgage rate is,

i=9%

Number of years is,

n=30

The monthly mortgage payment R is,

R=$650

Approach:

The mortgage can be considered as an annuity whose present value, Ap (amount to be borrowed) 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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