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

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> 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      Log On


   



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) About Me  (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.

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