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QUESTION
You plan to take out a 30-year fixed rate mortgage for $100,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded...
You plan to take out a 30-year fixed rate mortgage for $100,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations:
(a) P(6) = 599.55
and
(b) P' (6) = 64.29
