Concept explainers
Home Mortgage The term t (in years) of a $200,000 home mortgage at 7.5% interest can be approximated by
(a) Use a graphing utility to graph the model.
(b) Use the model to approximate the term of a home mortgage for which the monthly payment is $1398.43. What is the total amount paid?
(c) Use the model to approximate the term of a home mortgage for which the monthly payment is $1611.19. What is the total amount paid?
(d) Find the instantaneous rate of change of t with respect to x when x = $1398.43 and x = $1611.19.
(e) Write a short paragraph describing the benefit of the higher monthly payment.
Trending nowThis is a popular solution!
Chapter 4 Solutions
CALCULUS APPLIED APPROACH >PRINT UGRADE<
- You invest $6000 at an annual rate of 4. Find the balance after 7 years for each type of compounding. a.Quarterlyb.Monthlyc.Continuousarrow_forwardRachel invests $15,000 at age 25. She hopes the investments will be worth when she turns 40. If the interest compounds continuously, approximately what rate of growth will she need to achieve her goal?arrow_forwardHector invests $10,000 at age 21. He hopes the investments will be worth when he turns 50. If the interest compounds continuously, approximately what rate of growth Will he need to achieve his goal?arrow_forward
- An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded continuously. How much will theaccount be worth after 15 years?arrow_forwardThe annual percentage yield (APY) of an investmentaccount is a representation ofthe actual interest rateearned on a compounding account. It is based on acompounding period of one year. Show that the APYof an account that compounds monthly can be foundwith the formula APY=(1+r12)121.arrow_forwardSolve asaparrow_forward
- Number 21 pleasearrow_forwardIf $1 dollar is deposited in an account paying 27% per year compounded annually, then after t years the account will contain y = (1 + 0.27) = 1.27 dollars. (a) Use a calculator to complete the table. (b) Graph 1.27'. (a) Use a calculator to complete the table. 1 2 4 5 6 y 1.27 1.61 3.3 4.2 (Round to two decimal places as needed.) Help me solve this View an example Get more help - R D G Harrow_forwardA drug taken orally is absorbed into the bloodstream at the rate of te-0.5t milligrams per hour, where t is the number of hours since the drug was taken. Find the total amount of the drug absorbed (in mg) during the first 7 hours. (Round your answers to two decimal places.) mg absorbed amount absorption rate t Hours (a) Solve without using a graphing calculator. mg (b) Verify your answer to part (a) using a graphing calculator. mgarrow_forward
- What is the initial value of the painting ?arrow_forwardJOUL CONC A production machine costs $40,000 and has a 7-year useful life. At the end of 7 years, it can be sold for $10,000. (a) If interest is 9% compounded quarterly, what is the equivalent annual cost of ownership of this machine over the 7 years?arrow_forwarding 2021 Mock STAAR Algebra 1- Day 2 CALCULATOR • COLOR THEME Q Q ZOOM O ADD NOTE O QUESTION GU 0. A bank account earning annual compound interest was opened, and no additional deposits or withdrawals were made after the initial deposit. The balance in the account after x years can be modeled by b(x) = 850(1.025)* The initial balance of the account was $1,025. Which statement is the best interpretation of one of the values in this function? The balance in the account at the end of one year is $850. The balance in the account increases at a rate of 2,5% each vear. The initial balance of the account decreases at a rate of 97.5% each year. CLEAR ALL ( PREVIOUS NEXT > REVIEW & SUBMIT 24 ... Sign out Ovi 8:15 -> %23 %24 & bac 8. e y i tab W d f g CVb n hift ctrlarrow_forward
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
- College AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage LearningCollege Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage LearningBig Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt