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CalculusCalculus: An Applied Approach (MindTap Course List)10th Edition

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Chapter 7.3, Problem 55E
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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

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Problem 3CP
Problem 4CP
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Problem 2SWU
Problem 3SWU
Problem 4SWU
Problem 5SWU
Problem 6SWU
Problem 7SWU
Problem 8SWU
Problem 9SWU
Problem 10SWU
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 23E
Problem 24E
Problem 25E
Problem 26E
Problem 27E
Problem 28E
Problem 29E
Problem 30E
Problem 31E
Problem 32E
Problem 33E
Problem 34E
Problem 35E
Problem 36E
Problem 37E
Problem 38E
Problem 39E
Problem 40E
Problem 41E
Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55E
BuyFindarrow_forward

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=(P⋅r12)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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Sect-7.1 P-1CPSect-7.1 P-2CPSect-7.1 P-3CPSect-7.1 P-4CPSect-7.1 P-5CPSect-7.1 P-6CPSect-7.1 P-7CPSect-7.1 P-1SWUSect-7.1 P-2SWUSect-7.1 P-3SWU
Sect-7.1 P-4SWUSect-7.1 P-5SWUSect-7.1 P-6SWUSect-7.1 P-7SWUSect-7.1 P-8SWUSect-7.1 P-1ESect-7.1 P-2ESect-7.1 P-3ESect-7.1 P-4ESect-7.1 P-5ESect-7.1 P-6ESect-7.1 P-7ESect-7.1 P-8ESect-7.1 P-9ESect-7.1 P-10ESect-7.1 P-11ESect-7.1 P-12ESect-7.1 P-13ESect-7.1 P-14ESect-7.1 P-15ESect-7.1 P-16ESect-7.1 P-17ESect-7.1 P-18ESect-7.1 P-19ESect-7.1 P-20ESect-7.1 P-21ESect-7.1 P-22ESect-7.1 P-23ESect-7.1 P-24ESect-7.1 P-25ESect-7.1 P-26ESect-7.1 P-27ESect-7.1 P-28ESect-7.1 P-29ESect-7.1 P-30ESect-7.1 P-31ESect-7.1 P-32ESect-7.1 P-33ESect-7.1 P-34ESect-7.1 P-35ESect-7.1 P-36ESect-7.1 P-37ESect-7.1 P-38ESect-7.1 P-39ESect-7.1 P-40ESect-7.1 P-41ESect-7.1 P-42ESect-7.1 P-43ESect-7.1 P-44ESect-7.2 P-1CPSect-7.2 P-2CPSect-7.2 P-3CPSect-7.2 P-1SWUSect-7.2 P-2SWUSect-7.2 P-3SWUSect-7.2 P-4SWUSect-7.2 P-5SWUSect-7.2 P-6SWUSect-7.2 P-1ESect-7.2 P-2ESect-7.2 P-3ESect-7.2 P-4ESect-7.2 P-5ESect-7.2 P-6ESect-7.2 P-7ESect-7.2 P-8ESect-7.2 P-9ESect-7.2 P-10ESect-7.2 P-11ESect-7.2 P-12ESect-7.2 P-13ESect-7.2 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P-2SWUSect-7.7 P-3SWUSect-7.7 P-4SWUSect-7.7 P-5SWUSect-7.7 P-6SWUSect-7.7 P-7SWUSect-7.7 P-8SWUSect-7.7 P-1ESect-7.7 P-2ESect-7.7 P-3ESect-7.7 P-4ESect-7.7 P-5ESect-7.7 P-6ESect-7.7 P-7ESect-7.7 P-8ESect-7.7 P-9ESect-7.7 P-10ESect-7.7 P-11ESect-7.7 P-12ESect-7.7 P-13ESect-7.7 P-14ESect-7.7 P-15ESect-7.7 P-16ESect-7.7 P-17ESect-7.7 P-18ESect-7.7 P-19ESect-7.7 P-20ESect-7.7 P-21ESect-7.7 P-22ESect-7.7 P-23ESect-7.7 P-24ESect-7.7 P-25ESect-7.7 P-26ESect-7.7 P-27ESect-7.7 P-28ESect-7.7 P-29ESect-7.7 P-30ESect-7.8 P-1CPSect-7.8 P-2CPSect-7.8 P-3CPSect-7.8 P-4CPSect-7.8 P-5CPSect-7.8 P-6CPSect-7.8 P-1SWUSect-7.8 P-2SWUSect-7.8 P-3SWUSect-7.8 P-4SWUSect-7.8 P-5SWUSect-7.8 P-6SWUSect-7.8 P-7SWUSect-7.8 P-8SWUSect-7.8 P-9SWUSect-7.8 P-10SWUSect-7.8 P-11SWUSect-7.8 P-12SWUSect-7.8 P-13SWUSect-7.8 P-14SWUSect-7.8 P-15SWUSect-7.8 P-16SWUSect-7.8 P-1ESect-7.8 P-2ESect-7.8 P-3ESect-7.8 P-4ESect-7.8 P-5ESect-7.8 P-6ESect-7.8 P-7ESect-7.8 P-8ESect-7.8 P-9ESect-7.8 P-10ESect-7.8 P-11ESect-7.8 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Evaluate the expression sin Exercises 116. (42)2

Finite Mathematics

The following simplification problem is incorrect. The answer should be -11. Find and correct the error. 8(4)(2...

Intermediate Algebra

In Exercises I to 14, use the roster method to write each of the given sets. For some exercises you may need to...

Mathematical Excursions (MindTap Course List)

(a) For what values of k does the function y = cos kt satisfy the differential equation 4y = 25y? (b) For those...

Single Variable Calculus: Early Transcendentals

In Exercises 23 to 28 , with P={allpolygons} as the universe, draw a Venn Diagram to represent the relationship...

Elementary Geometry For College Students, 7e

For Questions 1 through 12, fill in each blank with the appropriate word, number, or equation. Only functions w...

Trigonometry (MindTap Course List)

Factor each trinomial completely: y2y42

Elementary Technical Mathematics

Perform the indicated operation for the following. 2.

Contemporary Mathematics for Business & Consumers

Let R be a ring. Prove that the set S={ xRxa=axforallaR } is a subring of R. This subring is called the center ...

Elements Of Modern Algebra

Finding a Limit In Exercises 39-50, find the limit (if it exists). If it does not exist, explain why. limx3+1x+...

Calculus: Early Transcendental Functions (MindTap Course List)

HOW DO YOU SEE IT? Determine whether each labeled point is an absolute maximum or minimum, a relative maximum o...

Calculus of a Single Variable

Each side of a rhombus measure 12 in. If one diagonal is 18 in. long, how long is the other diagonal?

Elementary Geometry for College Students

In Exercises 16. refer to the following matrices: A=[23941126760295158] B=[312014321108] C=[10345] D=[1320] Ide...

Finite Mathematics for the Managerial, Life, and Social Sciences

Finding and Analyzing Derivatives Using Technology In Exercises 49-54, (a) use a computer algebra system to dif...

Calculus (MindTap Course List)

What is the number of the integral formula in your texts Table of Integrals that may be used to evaluate dxx2x2...

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Finding the Center of MassIn Exercises 3740, find the mass and center of mass of the lamina bounded by the grap...

Multivariable Calculus

A definite integral for the area under the curve described by x = t2 + 1, y = 2t, 0 ≤ t ≤ 1 is:

Study Guide for Stewart's Multivariable Calculus, 8th

Matching In Exercises 912, match the function with its graph. [The graphs are labeled (a), (b), (c), and (d).] ...

Calculus

Determine the sine, cosine, or tangent functions of the following angels. Round the answers to 5 decimal places...

Mathematics For Machine Technology

Endowment income is a critical part of the annual budgets at colleges and universities. A study by the National...

Statistics for Business & Economics, Revised (MindTap Course List)

Graph each hyperbola. 3x24y2=36

College Algebra (MindTap Course List)

Based on the following descriptions of studies, determine whether each of the studies can be classified as basi...

Research Methods for the Behavioral Sciences (MindTap Course List)

Suppose that a complex therapy procedure contains one component that has absolutely no effect on behavior. Expl...

Research Methods for the Behavioral Sciences (MindTap Course List)

The article Effects of Age on the Variability and Stability of Gait: A Cross-Sectional Treadmill Study in Healt...

Introduction To Statistics And Data Analysis

One of the questions on a survey of 1000 adults asked if todays children will be better off than their parents ...

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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