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 $5.75 for every $1000 borrowed, find a function p=p(

Question 1126389: The monthly payment p on a mortgage varies directly with the amount borrowed B. If the monthly payment on a 30 year mortgage is $5.75 for every $1000 borrowed, find a function p=p(B) that relates the monthly payment p to the amount borrowed B for a mortgage with the same terms. Then find the monthly payment p when the amount borrowed B is $225,000.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
if it varies directly, then y = k * x.

k is the constant of variation.

first you solve for k and then you solve the problem.

you are given that the monthly payment on a 30 year mortgage is 5.75 for every 1000.

you are told that the monthly payment varies directly with the amount borrowed.

y = k * x is the formula for direct variation.

let y represent the monthly payment anbd x represent the amount borrwed.

the formula becomes 5.75 = k * 1000

solve for k to get k = 5.75 / 1000 = .00575.

that's your constant of variation.

when the amount borrowed is 225,000, then the formula of y = k * x becomes y = .00575 * 225,000.

solve for y to get y = 1293.75.

when the amount borrowed is 225,000, the monthly payment becomes 1293.75.

all other factors in the loan have to be the same, like the number of time periods and the interest rate per time period.

RELATED QUESTIONS
Solve the problem. The monthly payment p on a mortgage varies directly with the amount (answered by stanbon)

The monthly payment p on a mortgage varies directly with the amount borrowed B. If the... (answered by fcabanski)

The monthly payment pon a mortgage varies directly with the amount borrowed B. If the... (answered by mananth,ikleyn)

The monthly payment p on a mortgage varies directly with the amount B. You decide to... (answered by Edwin McCravy)

On a certain home mortgage, there is a monthly payment of $9.83 for every $1000 that is... (answered by math_tutor2020)

The Brown's want to purchase a house that costs $130,000. They plan to take out a... (answered by rcmcc)

Five years ago, Diane secured a bank loan of $360,000 to help finance the purchase of a... (answered by Theo)

GIVEN: Monthly mortgage payment = 514.980676 We can calculate how much of a... (answered by ankor@dixie-net.com)

How do I find the monthly payment on a 15-year mortgage of $100,000with an annual... (answered by rfer)