Carole is looking to buy a vacation home for $180,000 near her
favorite southern beach. The formula to compute a mortgage
payment, M, is M = P.-
r(1 + r)
(1 + r)N - 1 w
, where P is the principal
amount of the loan, r is the monthly interest rate, and N is the
number of monthly payments. Carole's bank offers a monthly
interest rate of 0.325% for a 15-year mortgage.
If Carole cannot make a down payment, fine her mortgage
payment, rounded to the nearest dollar.
Algebraically determine and state the down payment, rounded to
the nearest dollar, that Carole needs to make in order for her
mortgage payment to be $900.