A couple seeking to buy a home decides

Reference no: EM131126824

Mortgage

A couple seeking to buy a home decides that a monthly payment of $800 fits their budget. Their bank's interest rate is 7.5%. The amount they can borrow, A, is a function of the time t, in years, it will take to repay the debt. If we denote this function by A = ƒ(t), then the following table defines the function.

t	A	t	A
5	40,000	20	103,000
10	69,000	25	113,000
15	89,000	30	120,000

(a) Find ƒ (20) and write a sentence that explains its meaning.

(b) Does ƒ(5 + 5) = ƒ(5) + ƒ(5) ? Explain.

(c) If the couple is looking at a house that requires them to finance $89,000, how long must they make payments? Write this correspondence in the form A = ƒ(t)

Reference no: EM131126824

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