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COURSE: NUMERICAL ANALYSIS AND COMPUTING PLEASE DO IN BISECTION OR NEWTONS METHOD ONLY. The following equation is used to compute monthly payments on a mort-

COURSE: NUMERICAL ANALYSIS AND COMPUTING

PLEASE DO IN BISECTION OR NEWTONS METHOD ONLY.

The following equation is used to compute monthly payments on a mort- gage: Where A is the total mortgage amount, P is the monthly payment, i is the monthly interest rate, and n is the number of months. Suppose that a client wants an $800,000.00 morgage to be paid in 30 years but he can pay no more than $7,000.00 each month. What is the highest monthly interest rate that he would be able to pay

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