If you buy a $25,000 car at an APR of 6%, then your monthly payment depends on the term of the loan. If the term is t months, then your monthly payment is 25,000 x 0.005 x 1.005* 1.005 - 1 M dollars. (a) Make a graph of the monthly payment versus the length of the term, in months. Include terms from 12 to 60 months. M M M M 2000 2000 2000 2000 1500- 1500- 1500- 1500 1000 1000 1000 1000 500 500- 500 500 10 20 30 40 50 60 10 20 30 40 50 60 10 20 30 40 50 60 10 20 30 40 50 60 (b) Is the graph increasing or decreasing? What does that mean in practical terms? The graph is --Select-- v, which means that a longer term corresponds to a -Select-- v monthly payment. (c) Do you lower your monthly payment more by changing the term of the loan from 12 to 24 months or from 48 to 60 months? (Suggestion: You don't need a calculation here. The concavity of the graph can give you the answer.)

If you buy a $25,000 car at an APR of 6%, then your monthly payment depends on the term of the loan. If the term is t months, then your monthly payment is 25,000 x 0.005 x 1.005* 1.005 - 1 M dollars. (a) Make a graph of the monthly payment versus the length of the term, in months. Include terms from 12 to 60 months. M M M M 2000 2000 2000 2000 1500- 1500- 1500- 1500 1000 1000 1000 1000 500 500- 500 500 10 20 30 40 50 60 10 20 30 40 50 60 10 20 30 40 50 60 10 20 30 40 50 60 (b) Is the graph increasing or decreasing? What does that mean in practical terms? The graph is --Select-- v, which means that a longer term corresponds to a -Select-- v monthly payment. (c) Do you lower your monthly payment more by changing the term of the loan from 12 to 24 months or from 48 to 60 months? (Suggestion: You don't need a calculation here. The concavity of the graph can give you the answer.)

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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Concept explainers

Trigonometric Identities

Trigonometry in mathematics deals with the right-angled triangle’s angles and sides. By trigonometric identities, we mean the identities we use whenever we need to express the various trigonometric functions in terms of an equation.

Inverse Trigonometric Functions

Inverse trigonometric functions are the inverse of normal trigonometric functions. Alternatively denoted as cyclometric or arcus functions, these inverse trigonometric functions exist to counter the basic trigonometric functions, such as sine (sin), cosine (cos), tangent (tan), cotangent (cot), secant (sec), and cosecant (cosec). When trigonometric ratios are calculated, the angular values can be calculated with the help of the inverse trigonometric functions.

Question

If you buy a $25,000 car at an APR of 6%, then your monthly payment depends on the term of the loan. If the term is t months, then your monthly payment is
25,000 x 0.005 × 1.005
1.005 - 1
M =
dollars.
(a) Make a graph of the monthly payment versus the length of the term, in months. Include terms from 12 to 60 months.
M
M
M
M
2000-
2000
2000
2000
1500
1500
1500
1500
1000
1000
1000
1000
500
500
500
500
t
10
20
30
40
50
60
10
20
30
40
50 60
10 20
30
40
50
60
10
20
30
40
50
60
(b) Is the graph increasing or decreasing? What does that mean in practical terms?
The graph is --Select--- v,
which means that a longer term corresponds to a -Select--- v monthly payment.
(c) Do you lower your monthly payment more by changing the term of the loan from 12 to 24 months or from 48 to 60 months? (Suggestion: You don't need a calculation here. The concavity of the graph can give you the answer.)
You lower your monthly payment more by changing the term of the loan from --Select-- v months.

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