Question 824345: Solve the problem.
The monthly payment p on a mortgage varies directly with the amount borrowed B. If the monthly payment on a 30-year mortgage is for every $1000 borrowed, find a linear function 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 is $194,000
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The monthly payment p on a mortgage varies directly with the amount borrowed B.
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p = k*B
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Solve for "k" using "If the monthly payment on a 30-year mortgage is $7.30 for every $1000 borrowed"
7.3 = k*1000
k = 0.0073
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Find a linear function that relates the monthly payment p to the amount borrowed B for a mortgage with the same terms.
Equation:
p = 0.0073*B
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Then find the monthly payment p Equation:
when the amount borrowed is $194,000
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p = 0.0073*194000
p = 7.3*194
p = $1417.20
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Cheers,
Stan H.
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