Question: Use the Bisection method to solve problem #6 on section 3.1 (page 95). 1. Pick an appropriate starting interval for this problem. How many

Use the Bisection method to solve problem #6 on section 3.1 (page 95). 1. Pick an appropriate starting interval for this prob

6. If you borrow L dollars at an annual interest rate of r (in decimal form, so 5% is written as 0.05), for a period of m yea

Use the Bisection method to solve problem #6 on section 3.1 (page 95). 1. Pick an appropriate starting interval for this problem. How many iterations does it take the Bisection method to obtain a solution that is accurate to within 10-5? 2. What is the approximate value for the interest rate r? Compare your solution to the one you would get if you use Matlab built-in function fzero. 6. If you borrow L dollars at an annual interest rate of r (in decimal form, so 5% is written as 0.05), for a period of m years, then the size of the monthly payment, M, is given by the annuity equation 12M L = - [1-(1+r/12)-2m]. T The author needs to borrow $150,000 to buy the new house that he wants, and he can only afford to pay $600 per month. Assuming a 30-year mortgage, use the bisection method to determine what interest rate he can afford to pay. (Should the author perhaps find some rich relatives to help him out here?)

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