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Problem 3. Problems involving the amount of money required to pay off a mortgage over a fixed period of time involve the ordinary annuity equation P[₁ Mr = P (1 + r)" Here, M is the amount of the mortgage, P is the amount of each payment, and r is the interest rate per period for the n payment periods. Suppose that a 25-year home mortgage in the amount of $300,000 is needed and that the borrower can afford house payments of at most $2000 per month. Turn the problem into a rootfinding problem, and use Newton's method and the provided MATLAB scripts to find the maximum yearly interest rate that the borrower can afford to pay. Choose a reasonable initial guess xo for Newton's method, and use the tolerance & = 10-12.

please provide matlab code and outcome. thanks

Problem 3. Problems involving the amount of money required to pay off a mortgage over a fixed period of time involve the ordinary annuity equation $Mr=P[1−(1+r)_{n}1 ].$ Here, $M$ is the amount of the mortgage, $P$ is the amount of each payment, and $r$ is the interest rate per period for the $n$ payment periods. Suppose that a 25 -year home mortgage in the amount of $$300,000$ is needed and that the borrower can afford house payments of at most $$2000$ per month. Tum the problem into a rootfinding problem, and use Newton's method and the provided MATLAB scripts to find the maximum yearly interest rate that the borrower can afford to pay. Choose a reasonable initial guess $x_{0}$ for Newton's method, and use the tolerance $ε=10_{−12}$.

To turn the problem into a root-finding problem, we need to find the interest rate at which the mont...

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