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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

Mortgage A couple secures a 30 -year loan of $ 100 , 000 at 9 3 4 % per year , compounded monthly, to buy a house.

(a) What is the amount of their monthly payment?

(b) What total amount will they pay over the 30 -year period?

(c) If, instead of taking the loan, the couple deposits the monthly payments in an account that pays 9 3 4 % interest per year , compounded monthly, how much will be in the account at the end of the 30-year period?

To determine

(a)

To find:

The amount of monthly payment.

Explanation

Given:

A couple secures a 30-year loan of $100,000 at 934%peryear, compounded monthly, to buy a house.

Approach:

Installment buying formula,

R=iAp1(1+i)ni=Imn=m×t

R is the amount of monthly payment,

Ap is the present value of annuity,

i is the interest per time period,

I is the interest rate,

m is the no. of period,

t is the time-period in years and

n is the total number of installments.

Calculation:

Consider the values, Ap=$100,000, I=934%, m=12 and t=30.

i=Im=0

To determine

(b)

To find:

The total amount paid over the 30-year period.

To determine

(c)

To find:

The amount in the account at the end of the 30-year period.

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