1. THINK ABOUT IT Which functions are exponential?

2. COMPOUND INTEREST Use the formula to calculate the balance of an account when and

years, and compounding is done

(a) by the day, (b) by the hour,

(c) by the minute, and

(d) by the second. Does increasing

the number of compoundings per year result in unlimited growth of the balance

of the account? Explain.

3. MONTHLY PAYMENT The model approximates the length of a home mortgage of

$150,000 at 6% in terms of the

monthly payment. In the model, is the length of the mortgage in years and is the

monthly payment in dollars.

(a) Use the

1. THINK ABOUT IT Which functions are exponential?

2. COMPOUND INTEREST Use the formula to calculate the balance of an account when and

years, and compounding is done

(a) by the day, (b) by the hour,

(c) by the minute, and

(d) by the second. Does increasing

the number of compoundings per year result in unlimited growth of the balance

of the account? Explain.

3. MONTHLY PAYMENT The model approximates the length of a home mortgage of

$150,000 at 6% in terms of the

monthly payment. In the model, is the length of the mortgage in years and is the

monthly payment in dollars.

(a) Use the model to approximate

the lengths of a $150,000 mortgage at 6% when the monthly payment is $897.72

and when the monthly payment is $1659.24.

(b) Approximate the total amounts

paid over the term of the mortgage with a monthly payment of $897.72 and with a

monthly payment of $1659.24.

(c) Approximate the total interest

charges for a monthly payment of $897.72 and for a monthly payment of $1659.24.

(d) What is the vertical asymptote

for the model? Interpret its meaning in the context of the problem.

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