Chapter 13.4, Problem 24E

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4th Edition

James Stewart + 2 others

ISBN: 9781305071742

Textbook Problem

**Mortgage **A couple needs a mortgage of

**(a) **Find the monthly payment on the

**(b) **Find the total amount to be paid over the life of each loan. Which mortgage has the lower total payment over its lifetime?

To determine

(a)

**To find:**

The monthly payment on the

The mortgage with larger monthly payment.

Explanation

**Given:**

A couple needs a mortgage of

**Approach:**

Installment buying formula,

Here,

**Calculation:**

Consider the values,

Substitute

To determine

(b)

**To find:**

The total amount to be paid over the life of each loan. The mortgage with the lower total payment over its lifetime

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