Hello. I am working on a problem relating to a 30 year fixed mortgage. It says "let P(r) be your monthly mortgage if you interest rate is r% per year compounded monthly." It then says to evaluate equations. The equations given are similar to P(6)= 220.95 and P'(6)= 220.95. It then asks to interpret these equations with some multiple choice examples. I'm wondering if there is a formula I should use or if the equations should help inform me of the answers.

Question

Hello.  I am working on a problem relating to a 30 year fixed mortgage.  It says "let P(r) be your monthly mortgage if you interest rate is r% per year compounded monthly." It then says to evaluate equations.  The equations given are similar to P(6)= 220.95 and P'(6)= 220.95.  It then asks to interpret these equations with some multiple choice examples.  I'm wondering if there is a formula I should use or if the equations should help inform me of the answers.

imnotarobot5 · Answer

What are the multiple choice examples?

phi · Answer

It would help to see a screen shot of the question.
But it sounds like they are asking a question that tests if you understand how to interpret mathematical statements.
For example, in your case
P(6)  = 220.95  
would mean (based on the info they told us)
that the payment will be $220.95 per month
and the interest rate is 6%

But it would be good to see the full question.