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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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Monthly Payments You are taking out a home mortgage for $120,000, and you are given the options below. Find the monthly payment and the total amount of money you will pay for each mortgage. Which option would you choose? Explain your reasoning.

(a) A fixed annual rate of 8%, over a term of 20 years.

(b) A fixed annual rate of 7%, over a term of 30 years.

(c) A fixed annual rate of 7%, over a term of 15 years.

(a)

To determine

To calculate: The monthly payment and the total amount of money pay for a fixed rate of change 8%, over a term a term of 20 years.

Explanation

Given information:

The home mortgage is $120,000

The fixed rate of change 8%, over a term a term of 20 years.

Formula used:

The monthly payment for mortgage P annual rate of r% over the time t.

M=(Pr12)1[1(1+r12)]12t

Total payment=The total monthly payment×Time

Calculation:

Consider the given information

The home mortgage is $120,000 and the fixed rate of change 8%, over a term a term of 20 years.

Substitute, $120,000 for P, 8% for r and 20 for t in monthly payment formula

M=(120,000(0

(b)

To determine

To calculate: The monthly payment and the total amount of money pay for a fixed rate of change 7%, over a term a term of 30 years.

(c)

To determine

To calculate: The monthly payment and the total amount of money pay for a fixed rate of change 7%, over a term a term of 15 years.

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