The monthly payment for a home loan is given by a function f(P,r,N) where P is the principal (the initial size of the loan), r the interest rate, and N the length of the loan in months. Interest rates are expressed as a decimal: A % interest rate is denoted by r=0.06. If P = 100000, r = 0.06, and N = 240(a 20-year loan), then the monthly payment is f(100000, 0.06, 240) = 1413. Furthermore, with these values we have af ӘР af af = 0.0063, = 7068, = -1.3733 ər ƏN Estimate: (a) The change in monthly payment per 3500 increase in loan principal: Af≈ dollars (b) The change in monthly payment if the interest rate changes from r = 0.06 to r = 0.07: Af≈ dollars (c) The change in monthly payment if the length of the loan changes from 20 to 23 years: Af≈ dollars

The monthly payment for a home loan is given by a function f(P,r,N) where P is the principal (the initial size of the loan), r the interest rate, and N the length of the loan in months. Interest rates are expressed as a decimal: A % interest rate is denoted by r=0.06. If P = 100000, r = 0.06, and N = 240(a 20-year loan), then the monthly payment is f(100000, 0.06, 240) = 1413. Furthermore, with these values we have af ӘР af af = 0.0063, = 7068, = -1.3733 ər ƏN Estimate: (a) The change in monthly payment per 3500 increase in loan principal: Af≈ dollars (b) The change in monthly payment if the interest rate changes from r = 0.06 to r = 0.07: Af≈ dollars (c) The change in monthly payment if the length of the loan changes from 20 to 23 years: Af≈ dollars

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter7: Analytic Trigonometry

Section7.6: The Inverse Trigonometric Functions

Problem 94E

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