You can afford a $1050 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? Round your answer to the nearest dollar.
S
b) How much total money will you pay the loan company? Round your answer to the
nearest dollar.
C) How much of that money is interest? Round your answer to the nearest dollar.
S
Question Help: D Postito forum
Submit Question

9514 1404 393

Step-by-step explanation:

For a loan value of 1, the monthly payment on a 30 year loan at 7% is ...

  A = (0.07/12)/(1 -(1 +0.07/12)^(-12·30)) ≈ 0.00665302495

Then the amount repaid after 360 payments is ...

  360A = 2.39508898 . . . times the principal amount

__

a) For a monthly payment of $1050, the principal can be ...

  $1050/0.00665302495 ≈ $157,823

__

b) The amount repaid to the loan company is ...

  $157,823×2.39508898 ≈ $378,000

__

c) The amount that is interest is ...

  $378,000 -157,823 = $220,177

your answer would be b

step-by-step explanation:

1 number

if we use a graphing calculator, there is only one such number that satisfies the conclusion of the mean value theorem, that is, a number such that

where the right-hand side is the average rate of change of f on the interval [0.5,0.75], which is the slope of the secant line.

in the attached graph, the black line is the secant line which has its slope as the average rate of change of f on [0.5,0.75], while the orange line is the only tangent line to the graph of f in the interval that satisfies the mvt conclusion.