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Concept explainers
Mortgage payments You are shopping for a $250,000. 30-year (360-month) loan to buy a house. The monthly payment is given by
where r is the annual interest rate. Suppose banks are currently offering interest rates between 4% and 5%.
- a. Show there is a value of r in (0 04, 0.05)—an interest rate between 4% and 5%—that allows you to make monthly payments of $1300 per month.
- b. Use a graph to illustrate your explanation to part (a). Then determine the interest rate you need for monthly payments of $1300
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Chapter 2 Solutions
Single Variable Calculus Format: Unbound (saleable)
- Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and the other pays 5.9% compounded monthly. If he plans to invest 18,000 for 2 years, which investment should he choose? How much extra interest will he earn by making the better choice?arrow_forwardKyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from, allcompounding daily. Her goal is to have 15,000 bythe time she finishes graduate school in 6 years. Tothe nearest hundredth of a percent, what should herminimum annual interest rate be in order to reach hergoal? (Hint: solve the compound interest formula forthe interest rate.)arrow_forward
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