1. THINK ABOUT IT Which functions are exponential? 2. COMPOUND INTEREST Use the formula to calculate

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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