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You plan to take out a 30-year fixed rate mortgage for $125,000. Let P(r) be your monthly payment if the interest rate is r% per
You plan to take out a 30-year fixed rate mortgage for $125,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations.
(a) P(7) = 831.63 (b) P'(7) = 83.95
What are the interest rates and monthly payments of each?
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