P=67,000+2,820 m The total payments, P, in dollars, made by a homeowner m months after starting payments on a home mortgage is given by the equation. What is the best interpretation of 67,000 as shown in the given equation? Choose 1 answer: A The first payment was 67,000 dollars. (B) The homeowner pays 67,000 dollars each month. (C) The homeowner paid 67,000 dollars at the end of the first month. D The total of all payments made by the homeowner is 67,000 dollars.

Question

P=67,000+2,820 m The total payments,  P, in dollars, made by a homeowner  m months after starting payments on a home mortgage is given by the equation. What is the best interpretation of 67,000 as shown in the given equation? Choose 1 answer: A The first payment was 67,000 dollars. (B) The homeowner pays 67,000 dollars each month. (C) The homeowner paid 67,000 dollars at the end of the first month. D The total of all payments made by the homeowner is 67,000 dollars.

Bytelearn · Accepted Answer

Equation and Variables: We are given the equation P = 67,000 + 2,820m, where P represents the total payments in dollars, and m represents the number of months after starting payments on a home mortgage. To interpret the constant term 67,000 in this equation, we need to understand its role in the context of the equation.Interpreting the Constant Term: When m is equal to 0, which represents the start of the mortgage payments, the equation simplifies to P = 67,000 + 2,820(0) = 67,000. This indicates that before any monthly payments are made (at m = 0), the total payments amount to 67,000 dollars.Simplifying the Equation: This initial amount of 67,000 dollars cannot be a monthly payment amount, as it does not multiply by the number of months (m). It also cannot be the total of all payments made by the homeowner, as this total will increase with each monthly payment. Therefore, options (B) and (D) are incorrect.Understanding the Initial Amount: The 67,000 dollars is not described as being paid at the end of the first month, so option (C) is also incorrect. Instead, it represents an initial amount paid or owed at the start of the mortgage payments, before any monthly payments have been made.Final Interpretation: Therefore, the best interpretation of the 67,000 dollars in the given equation is that it represents the initial amount paid or the initial balance on the mortgage before the monthly payments of 2,820 dollars begin. This corresponds to option (A) The first payment was 67,000 dollars.

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