The monthly payment for a home loan is given by a function where is the principal (the initial size of the loan), the interest rate, and the length of the loan in months. Interest rates are expressed as a decimal: A % interest rate is denoted by . If , and (a 17-year loan), then the monthly payment is . Furthermore, with these values we have Estimate:
(a) The change in monthly payment per increase in loan principal: dollars (b) The change in monthly payment if the interest rate changes from to : dollars (c) The change in monthly payment if the length of the loan changes from to years: dollars
You can earn partial credit on this problem.