Assignment:
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?
Provide complete and step by step solution for the question and show calculations and use formulas.