The monthly mortgage payment for a house is a function of two variables, f ( A , r ) , where A is the amount of the mortgage and the interest rate is r % . For a 30 − year mortgage, f ( 92000 , 3.5 ) = 412.78 and ∂ f ∂ r ( 92000 , 3.5 ) = 38.47 . What is the significance of the number 38.47 ?
The monthly mortgage payment for a house is a function of two variables, f ( A , r ) , where A is the amount of the mortgage and the interest rate is r % . For a 30 − year mortgage, f ( 92000 , 3.5 ) = 412.78 and ∂ f ∂ r ( 92000 , 3.5 ) = 38.47 . What is the significance of the number 38.47 ?
Solution Summary: The author explains that 38.47 signifies the change in the monthly mortgage payment for a house function.
The monthly mortgage payment for a house is a function of two variables,
f
(
A
,
r
)
, where
A
is the amount of the mortgage and the interest rate is
r
%
. For a
30
−
year mortgage,
f
(
92000
,
3.5
)
=
412.78
and
∂
f
∂
r
(
92000
,
3.5
)
=
38.47
. What is the significance of the number
38.47
?
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