Emily wants to buy a car, there is a dealership giving her 0% financing for 24 months. The price of the car is $12000 and the monthly payment is quoted as $505. i) Emily puts her $12000 in a savings account earning 6% annual interest and plans to withdraw $505 each month for the car payment. Express the monthly rate of change of this account with a differential equation. ii) Derive an equation expressing the money change in the account as a function of time. iii) What would be the account balance after 24 months.
Emily wants to buy a car, there is a dealership giving her 0% financing for 24 months. The price of the car is $12000 and the monthly payment is quoted as $505. i) Emily puts her $12000 in a savings account earning 6% annual interest and plans to withdraw $505 each month for the car payment. Express the monthly rate of change of this account with a differential equation. ii) Derive an equation expressing the money change in the account as a function of time. iii) What would be the account balance after 24 months.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Emily wants to buy a car, there is a
dealership giving her 0% financing
for 24 months. The price of the car is
$12000 and the monthly payment is
quoted as $505.
i) Emily puts her $12000 in a savings
account earning 6% annual interest
and plans to withdraw $505 each
month for the car payment. Express
the monthly rate of change of this
account with a differential equation.
ii) Derive an equation expressing the
money change in the account as a
function of time.
iii) What would be the account
balance after 24 months.
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