If you have a mortgage, and you make monthly payments, then your equity is the total paid toward the principal at a given time. If your mortgage is for P dollars at a monthly rate of 0.01, and if you have paid k of a total of t monthly payments due, then your equity in dollars is given by

Question

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Suppose your mortgage is for 113740 dollars and that you have made 168 out of 360 monthly payments due.A: Use functional notation to express your equity.B: Calculate the value you found in part a.C: If you have made half of the 360 monthly payments, have you paid off half of the mortgage?

What will be an ideal response?

Answer 1