Explanation Given Information: Suppose that CAR LOAN in order to buy a used car, a person borrows $4000 from the bank at 6% interest compounded monthly. The loan is to be paid off in 3 years with equal monthly payments. Formula used: The difference equation is, y n = ( 1 + i ) y n − 1 + R Where, y n be the balance after n years, y n − 1 be balance after ( n − 1 ) months, i denote the annually interest rate and R be the withdrawal at end of years. y n = b 1 − a + ( y 0 − b 1 − a ) a n , a ≠ 1 Where, a = ( 1 + i ) , b = R and y 0 is initial amount deposited. Calculation: Consider, the provided information is, in order to buy a used car, a person borrows $4000 from the bank at 6% interest compounded monthly. The loan is to be paid off in 3 years with equal monthly payments. So, according to provided information, The interest rate i = 6 % compounded monthly, the initially amount is y 0 = 4000 . The loan is to be paid off in 3 years, since n = 3 years or 36 months and no amount paid after 3 years, since y 36 = 0 . Thus, the monthly interest rate i is 6 12 × 100 = 0.005 . And, a = ( 1 + 0.005 ) = 1.005 Now, according to difference equation, y n = b 1 − a + ( y 0 − b 1 − a ) a n Substitute the respective values in the above equation

Finite Mathematics & Its Applications (12th Edition)

12th Edition

ISBN: 9780134507125

Author: Goldstein

Publisher: PEARSON

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Chapter 12.4, Problem 11E

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To calculate: The monthly payments if in order to buy a used car, a person borrows $4000 from the bank at 6% interest compounded monthly. The loan is to be paid off in 3 years with equal monthly payments.

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Chapter 12.4, Problem 10E

Chapter 12.4, Problem 12E

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Chapter 12 Solutions

Finite Mathematics & Its Applications (12th Edition)

Ch. 12.1 - Consider the difference equation...Ch. 12.1 - Prob. 2CYU Ch. 12.1 - Prob. 1E Ch. 12.1 - Prob. 2E Ch. 12.1 - Prob. 3E Ch. 12.1 - Prob. 4E Ch. 12.1 - Prob. 5E Ch. 12.1 - For each of the difference equations in Exercises...Ch. 12.1 - Prob. 7E Ch. 12.1 - Prob. 8E

Ch. 12.1 - Prob. 9E Ch. 12.1 - Prob. 10E Ch. 12.1 - Prob. 11E Ch. 12.1 - Prob. 12E Ch. 12.1 - Prob. 13E Ch. 12.1 - Prob. 14E Ch. 12.1 - Prob. 15E Ch. 12.1 - Prob. 16E Ch. 12.1 - Prob. 17E Ch. 12.1 - Prob. 18E Ch. 12.1 - Prob. 19E Ch. 12.1 - Population Decline Moldova has negative population...Ch. 12.1 - Prob. 21E Ch. 12.1 - Prob. 22E Ch. 12.1 - Prob. 23E Ch. 12.1 - Prob. 24E Ch. 12.1 - Prob. 25E Ch. 12.1 - Prob. 26E Ch. 12.1 - 27. Credit Card Mr. Jones owes $1000 on a credit...Ch. 12.1 - Prob. 28E Ch. 12.1 - Prob. 29E Ch. 12.1 - Prob. 30E Ch. 12.1 - Prob. 31E Ch. 12.1 - Prob. 32E Ch. 12.1 - Prob. 33E Ch. 12.1 - Prob. 34E Ch. 12.1 - Prob. 35E Ch. 12.2 - Prob. 1CYU Ch. 12.2 - Prob. 2CYU Ch. 12.2 - Prob. 1E Ch. 12.2 - Prob. 2E Ch. 12.2 - Prob. 3E Ch. 12.2 - Prob. 4E Ch. 12.2 - Prob. 5E Ch. 12.2 - Prob. 6E Ch. 12.2 - Prob. 7E Ch. 12.2 - Prob. 8E Ch. 12.2 - Prob. 9E Ch. 12.2 - Prob. 10E Ch. 12.2 - Prob. 11E Ch. 12.2 - Prob. 12E Ch. 12.2 - Prob. 13E Ch. 12.2 - Prob. 14E Ch. 12.2 - Prob. 15E Ch. 12.2 - Prob. 16E Ch. 12.2 - Prob. 17E Ch. 12.2 - Prob. 18E Ch. 12.2 - Prob. 19E Ch. 12.2 - Prob. 20E Ch. 12.2 - Prob. 21E Ch. 12.2 - Prob. 22E Ch. 12.2 - Prob. 23E Ch. 12.2 - Prob. 24E Ch. 12.2 - Prob. 25E Ch. 12.2 - Prob. 26E Ch. 12.2 - Prob. 27E Ch. 12.2 - Prob. 28E Ch. 12.3 - Parachuting A parachutist opens her parachute...Ch. 12.3 - Prob. 2CYU Ch. 12.3 - 3. Retirement Fund Upon retirement, a person...Ch. 12.3 - Each of the graphs in Fig. 14 comes from a...Ch. 12.3 - Prob. 2E Ch. 12.3 - Prob. 3E Ch. 12.3 - Prob. 4E Ch. 12.3 - Each of the graphs in Fig. 14 comes from a...Ch. 12.3 - Prob. 6E Ch. 12.3 - Each of the graphs in Fig. 14 comes from a...Ch. 12.3 - Prob. 8E Ch. 12.3 - In Exercises 914, sketch a graph having the given...Ch. 12.3 - Prob. 10E Ch. 12.3 - In Exercises 914, sketch a graph having the given...Ch. 12.3 - Prob. 12E Ch. 12.3 - Prob. 13E Ch. 12.3 - Prob. 14E Ch. 12.3 - Prob. 15E Ch. 12.3 - Prob. 16E Ch. 12.3 - Prob. 17E Ch. 12.3 - Prob. 18E Ch. 12.3 - Prob. 19E Ch. 12.3 - Prob. 20E Ch. 12.3 - Prob. 21E Ch. 12.3 - Prob. 22E Ch. 12.3 - Prob. 23E Ch. 12.3 - Prob. 24E Ch. 12.3 - Prob. 25E Ch. 12.3 - Prob. 26E Ch. 12.3 - Prob. 27E Ch. 12.3 - Prob. 28E Ch. 12.3 - Prob. 29E Ch. 12.3 - Prob. 30E Ch. 12.3 - Prob. 31E Ch. 12.3 - Prob. 32E Ch. 12.3 - In these exercises, find a difference equation...Ch. 12.3 - Prob. 34E Ch. 12.3 - Prob. 35E Ch. 12.3 - Prob. 36E Ch. 12.4 - Prob. 1CYU Ch. 12.4 - Prob. 2CYU Ch. 12.4 - Prob. 3CYU Ch. 12.4 - Prob. 1E Ch. 12.4 - Prob. 2E Ch. 12.4 - Prob. 3E Ch. 12.4 - Prob. 4E Ch. 12.4 - Prob. 5E Ch. 12.4 - 6. Find the monthly payment on a 25-year $38,000...Ch. 12.4 - Prob. 7E Ch. 12.4 - Prob. 8E Ch. 12.4 - Prob. 9E Ch. 12.4 - Prob. 10E Ch. 12.4 - Prob. 11E Ch. 12.4 - Prob. 12E Ch. 12.4 - Prob. 13E Ch. 12.4 - In these exercises, use a table or graph of an...Ch. 12.4 - In these exercises, use a table or graph of an...Ch. 12.4 - Prob. 16E Ch. 12.5 - Glucose Infusion Glucose is being given to a...Ch. 12.5 - Light at Ocean Depths Sunlight is absorbed by...Ch. 12.5 - 1. Population Dynamics In a certain country with...Ch. 12.5 - Population Dynamics A small city with current...Ch. 12.5 - 3. Drug Absorption After a certain drug is...Ch. 12.5 - Elevation and Atmospheric Pressure The atmospheric...Ch. 12.5 - Spread of Information A sociological study was...Ch. 12.5 - Solution Concentration A cell is put into a fluid...Ch. 12.5 - Learning Curve Psychologists have found that in...Ch. 12.5 - Genetics Consider two genes A and a in a...Ch. 12.5 - Account Balance Thirty thousand dollars is...Ch. 12.5 - 10. Account Balance Rework Exercise 9, where...Ch. 12.5 - Prob. 11E Ch. 12.5 - Prob. 12E Ch. 12.5 - Prob. 13E Ch. 12.5 - Prob. 14E Ch. 12.5 - Prob. 15E Ch. 12.5 - Prob. 16E Ch. 12.5 - Prob. 17E Ch. 12.5 - Prob. 18E Ch. 12.5 - In these exercises, answer the questions by...Ch. 12.5 - Prob. 20E Ch. 12 - Explain how a sequence of numbers is generated by...Ch. 12 - Prob. 2FCCE Ch. 12 - Prob. 3FCCE Ch. 12 - Prob. 4FCCE Ch. 12 - Prob. 5FCCE Ch. 12 - Prob. 6FCCE Ch. 12 - Prob. 7FCCE Ch. 12 - Prob. 8FCCE Ch. 12 - Prob. 9FCCE Ch. 12 - Prob. 10FCCE Ch. 12 - Prob. 1RE Ch. 12 - Prob. 2RE Ch. 12 - 3. Account Balance How much money would you have...Ch. 12 - Prob. 4RE Ch. 12 - Prob. 5RE Ch. 12 - Prob. 6RE Ch. 12 - Population Dynamics The population of a certain...Ch. 12 - 8. Mortgage The monthly payment on a 30-year...Ch. 12 - Prob. 9RE Ch. 12 - Prob. 10RE Ch. 12 - Prob. 11RE Ch. 12 - Prob. 12RE Ch. 12 - Prob. 13RE Ch. 12 - Prob. 14RE Ch. 12 - Prob. 1P Ch. 12 - Prob. 2P Ch. 12 - Prob. 3P Ch. 12 - Prob. 4P Ch. 12 - Prob. 5P Ch. 12 - Prob. 6P Ch. 12 - Prob. 7P Ch. 12 - Prob. 8P Ch. 12 - Prob. 9P

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The monthly payments if in order to buy a used car, a person borrows $4000 from the bank at 6% interest compounded monthly. The loan is to be paid off in 3 years with equal monthly payments.

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To calculate: The monthly payments if in order to buy a used car, a person borrows $4000 from the bank at 6% interest compounded monthly. The loan is to be paid off in 3 years with equal monthly payments.

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Chapter 12 Solutions