The term t (in years) of a $200,000 home mortgage at 7.5% interest can be approximated by

where x is the monthly payment in dollars.

(a) Use a graphing utility to graph the model.

(b) Use the model to approximate the term of a home mortgage for which the monthly payment is $1398.43. What is the total amount paid?(c) Use the model to approximate the term of a home mortgage for which the monthly payment is $1611.19. What is the total amount paid?(d) Find the instantaneous rates of change of t with respect to x when x = $1398.43 and x = $1611.19.(e) Write a short paragraph describing the benefit of the higher monthly payment.

Transcribed Image Text:

t= 13.375 In X X 1250/ x > 1250