Suppose you borrow P dollars from a bank at a monthly interest rate of r and you make monthly payments of M dollars/month to pay off the loan (for example, if your borrow $30,000 at a rate of 1.5% per month, then P = 30,000 and r = 0.015). Each month, the bank first adds interest to the loan balance and then subtracts your monthly payment to determine the new balance on your loan. So if A0 is your original loan balance and An equals your loan balance after n payments, then your balance after n payments is given by the recursive formula An = An - 1(1 + r) - M, A0 = P. Car loan Suppose you borrow $20,000 for a new car at a monthlyinterest rate of 0.75%. If you make payments of $600/month,after how many months will the loan balance be zero?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Suppose you borrow P dollars from a bank at a monthly interest rate of r and you make monthly payments of M dollars/month to pay off the loan (for example, if your borrow $30,000 at a rate of 1.5% per month, then P = 30,000 and r = 0.015). Each month, the bank first adds interest to the loan balance and then subtracts your monthly payment to determine the new balance on your loan. So if A0 is your original loan balance and An equals your loan balance after n payments, then your balance after n payments is given by the recursive formula An = An - 1(1 + r) - M, A0 = P.
Car loan Suppose you borrow $20,000 for a new car at a monthly
interest rate of 0.75%. If you make payments of $600/month,
after how many months will the loan balance be zero?
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