Maxine needs a car, and her grandmother doesn't want her to have to pay interest so they agree that Maxine will borrow $2,610 and pay her grandmother $145 each month unti she repays this loan in full, interest free. a. Write the model for the amount of money, M. that Maxine stil owes to her grandmother ahter t month y 146t -2010 y 2010- 145 M2610 + 146 b. How much money wil Maxine stil owe her grandmother ater 1 year? M.145+ 2010 $1740 $217.60 $700 $470 c. After how long will Maxine have completely repaid her lnan? 18 menthe 2 yeare 22 monhe 20 montha Moving to another queston will save this response W Question 11 of 17
Maxine needs a car, and her grandmother doesn't want her to have to pay interest so they agree that Maxine will borrow $2,610 and pay her grandmother $145 each month unti she repays this loan in full, interest free. a. Write the model for the amount of money, M. that Maxine stil owes to her grandmother ahter t month y 146t -2010 y 2010- 145 M2610 + 146 b. How much money wil Maxine stil owe her grandmother ater 1 year? M.145+ 2010 $1740 $217.60 $700 $470 c. After how long will Maxine have completely repaid her lnan? 18 menthe 2 yeare 22 monhe 20 montha Moving to another queston will save this response W Question 11 of 17
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Maxine needs a car, and her grandmother doesnt want her to have to pay interest so they agree that Maxine will borrow $2,610 and pay her grandmother $145 each manth until
she repays this loan in full, interest free.
a. Write the model for the amount of money. M. that Maxine stil owes to her grandmother after t mont
y 145t- 2010
y= 20101 - 145
M28101 + 146
M-145 + 2810
$1740
$217.50
$700
b. How much money wil Maxine still owe her grandmather after 1 year?
C. After how long will Maxine have completely repaid her loan?
$870
18 montha
2 yeare
22 montha
20 monthe
& Moving to anothvet question will save this response.
Questinn 11 af 17
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