Your mortgage is $135,400.00 at a 5.25% APR. If you pay $1,500.00 towards the mortgage each month, how much of your second month
2 answers:
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Answer:
Change per week: $20
Starting amount of money: $550
Step-by-step explanation:
<u>Given equation</u>:
where:
- x = number of weeks
- y = total account balance
<u>Change per week</u>
As the variable x represents the number of weeks, its coefficient represents the change per week in the amount of money.
Therefore, the change per week in the amount of money in the account is $20.
<u>Initial Balance</u>
The starting amount of money in the account (initial balance) will be the value of y when x = 0:
Therefore, the starting amount of money in the account is $550.