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| PAGE: 327 | SET: Exercises | PROBLEM: 103 |
(a)
The interest is approximated by 
, 
.
where 
is the monthly payment.
Graph the function: .
(b)
The monthly payment is 
.
Substitute 
in .
years.
The time 
years.
Total amount paid in 
year
.
Total amount paid in 
years
.
Substitute monthly payment is .
Total amount is 
.
Total amount paid when time years is 
.
(c)
The monthly payment is 
.
Substitute 
in .
years.
The time 
years.
Total amount paid in 
years
.
Substitute monthly payment is .
Total amount is 
.
Total amount paid when time is 
.
(d)
The interest is approximated by .
Apply derivative on each side with respect to .
Substitute in 
.
.
When , 
.
Substitute in 
.
.
When , 
.
(e)
Two benefits of a higher monthly payment are a shorter term and the total amount paid is lower.
(a)
Graph:
Graph the function: .
(b) Total amount paid when time years is .
(c) Total amount paid when time is .
(d)
When , 
.
When , 
.
(e) Two benefits of a higher monthly payment are a shorter term and the total amount paid is lower.
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