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Part A When calculating the payment of a mortgage, the relationship between the loan amount, Loan, the monthly payment, MPay, the duration of the
Part A When calculating the payment of a mortgage, the relationship between the loan amount, Loan, the monthly payment, MPay, the duration of the loan in months Months, and the annual interest rate, Rate, is given by the equation (annuity equation): MPay = 121 Loan Rate 1 + -> 1 Rate Months 12 Determine the rate of a 20 years, $300,000 loan if the monthly payment is $1684.57. (a) Build a user-defined function SteffensenRoot to solve the problem using MATLAB. b) Use MATLAB's built-in function fzero.
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
11th edition
134141083, 978-0134141084
