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At the beginning of a month, a customer owes a credit card company $8480. In th middle of the month, the customer repays $A, where A < $8480, and at the end of th month the company adds interest at a rate of 6% of the outstanding debt. This proces is repeated with the customer continuing to pay off the same amount, $A, each month (a) Find the value of A for which the customer still owes $8480 at the start of each month. (b) If A = 1000, calculate the amount owing at the end of the eighth month. (c) Show that the value of A for which the whole amount owing is exactly paid off afte the nth payment is given by 8480R¹-¹ (R-1) R" - 1 (d) Find the value of A if the debt is to be paid off exactly after 2 years. A = where R=1.06

At the beginning of a month, a customer owes a credit card company $8480. In th middle of the month, the customer repays $A, where A < $8480, and at the end of th month the company adds interest at a rate of 6% of the outstanding debt. This proces is repeated with the customer continuing to pay off the same amount, $A, each month (a) Find the value of A for which the customer still owes $8480 at the start of each month. (b) If A = 1000, calculate the amount owing at the end of the eighth month. (c) Show that the value of A for which the whole amount owing is exactly paid off afte the nth payment is given by 8480R¹-¹ (R-1) R" - 1 (d) Find the value of A if the debt is to be paid off exactly after 2 years. A = where R=1.06

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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At the beginning of a month, a customer owes a credit card company $8480. In the middle of the month, the customer repays $A, where A < $8480, and at the end of the month the company adds interest at a rate of 6% of the outstanding debt. This process is repeated with the customer continuing to pay off the same amount, $A, each month. (a) Find the value of A for which the customer still owes $8480 at the start of each month. (b) If A = 1000, calculate the amount owing at the end of the eighth month. (c) Show that the value of A for which the whole amount owing is exactly paid off after the nth payment is given by 8480R"-'(R– 1) A = where R=1.06 R" – 1 (d) Find the value of A if the debt is to be paid off exactly after 2 years, ctivate Windows
Transcribed Image Text:At the beginning of a month, a customer owes a credit card company $8480. In the middle of the month, the customer repays $A, where A < $8480, and at the end of the month the company adds interest at a rate of 6% of the outstanding debt. This process is repeated with the customer continuing to pay off the same amount, $A, each month. (a) Find the value of A for which the customer still owes $8480 at the start of each month. (b) If A = 1000, calculate the amount owing at the end of the eighth month. (c) Show that the value of A for which the whole amount owing is exactly paid off after the nth payment is given by 8480R"-'(R– 1) A = where R=1.06 R" – 1 (d) Find the value of A if the debt is to be paid off exactly after 2 years, ctivate Windows
(0) the number or years Tequired before the capital stock excecas ST00 U0V. 5. The equations defining a general model of two trading countries are given by Y, = C, +I# + X; - M, G=a,Y; + b, Y, = C, + I% + X, – M2 C, = a,Y, + bz M = m,Y; M, = m;Y, where 0< a; < 1, b, > 0 and 0< m, < I (i = 1, 2). Express this system in matrix form and use Cramer's rule to solve this system for Y. Write down the multiplier for Y, due to changes in I and hence give a general description of the effect on the national income of one country due to a change in investment in the other.
Transcribed Image Text:(0) the number or years Tequired before the capital stock excecas ST00 U0V. 5. The equations defining a general model of two trading countries are given by Y, = C, +I# + X; - M, G=a,Y; + b, Y, = C, + I% + X, – M2 C, = a,Y, + bz M = m,Y; M, = m;Y, where 0< a; < 1, b, > 0 and 0< m, < I (i = 1, 2). Express this system in matrix form and use Cramer's rule to solve this system for Y. Write down the multiplier for Y, due to changes in I and hence give a general description of the effect on the national income of one country due to a change in investment in the other.
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