   Chapter 7.3, Problem 5CP ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

#### Solutions

Chapter
Section ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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# Checkpoint 5 Worked-out solution available at LarsonAppliedCalculus.comFind the monthly payment M for a home mortgage of $100,000 taken out for 30 years at an annual interest rate of 3%. How much is the total amount paid? To determine To calculate: The monthly payment M at an interest rate of 3% annually on a home mortgage of$100,000 for the time duration of 30 years and also calculate the total payable amount.

Explanation

Given Information:

The principal require for the home mortgage is $100,000 at an annual interest rate of 3% for 30 years. Formula used: The monthly payment of a loan P is, M=P[r(1+r)n(1+r)n1] Where, r is the annual interest rate and n is the number of month for the time duration. Calculation: The principal amount required for the home mortgage is$100,000.

P=$100,000 The annual interest rate is, r=3%=3100=0.03 The total number of month in 30 years is, n=12×30=360 The monthly payment of a loan P is, M=P[r(1+r)n(1+r)n1] Substitute$100,000 for P, 0

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