Concept explainers
Home Mortgage The term t (in years) of a $200,000 home mortgage at 7.5% interest can be approximated by
where x is the monthly payment in dollars.
(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 rates of change of t with respect to x when
(e) Write a short paragraph describing the benefit of the higher monthly payment.
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Chapter 5 Solutions
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