Calculus and mortgage debt
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Mortgage Debt. The rate of change of mortgage debt outstanding for one to four family homes in the United States from 1993 to 2002 can be modeled by:
dM/dt = 5.4399t^2 + 6603.7e^-t
where M is the mortgage debt outstanding (in billions of dollars) and
t = 3 corresponds to 1993. In 1993, the outstanding mortgage in the US was $3119 billion.
(a) Write a model of the debt as a function of t.
(b) What was the average mortgage debt outstanding for 1993 through 2002?
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Solution Summary
This provides an example of using calculus to work with mortgage debt.
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