involving the amount of money required to pay off a mortgage over a fixed period oftime
Chapter 2, Problem 23(choose chapter or problem)
involving the amount of money required to pay off a mortgage over a fixed period oftime involve the formula A = -11 - (I +/)-"], i known as an ordinary annuity equation. In this equation, A is the amount of the mortgage, P is the amount of each payment, and i is the interest rate per period for the n payment periods. Suppose that a 30-year home mortgage in the amount of$135,000 is needed and that the borrower can afford house payments of at most $1000 per month. What is the maximal interest rate the borrower can afford to pay?
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