SOLUTION: The monthly payment p on a mortgage varies directly with the amount borrowed B. If the monthly payment on a 30-year mortgage is $7.30 for every $1000 borrowed, find a linear functi

Question 622806: The monthly payment p on a mortgage varies directly with the amount borrowed B. If the monthly payment on a 30-year mortgage is $7.30 for every $1000 borrowed, find a linear function that relates the monthly payment p to the amount B for a mortgage with the same terms. Then find the monthly payment p when the amount borrowed is $194,000.
I come up with p= B/219; $885.84 am I right?
Answer by fcabanski(1391) (Show Source): You can put this solution on YOUR website!
$7.30 for every $1000 (B) borrowed means $7.30B...multiply the number of thousands borrowed by $7.30. p=7.3B

In this case it's p=7.3*194 = $1416.20.

Hope the solution helped. Sometimes you need more than a solution. Contact fcabanski@hotmail.com for online, private tutoring, or personalized problem solving (quick for groups of problems.)

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