The number n of monthly payments of P dollars each required to pay off a loan of A dollars in its entirety at interest rate r is given by n = − log ( 1 − A r 12 P ) log ( 1 + r 12 ) a. A college student wants to buy a car and realizes that he can only afford payments of $200 per month. If he borrows $3000 and pays it off at 6% interest, how many months will it take him to retire the loan? Round to the nearest month. b. Determine the number of monthly payments of $611.09 that would be required to pay off a home loan of $128.000 at 4% interest.
The number n of monthly payments of P dollars each required to pay off a loan of A dollars in its entirety at interest rate r is given by n = − log ( 1 − A r 12 P ) log ( 1 + r 12 ) a. A college student wants to buy a car and realizes that he can only afford payments of $200 per month. If he borrows $3000 and pays it off at 6% interest, how many months will it take him to retire the loan? Round to the nearest month. b. Determine the number of monthly payments of $611.09 that would be required to pay off a home loan of $128.000 at 4% interest.
Solution Summary: The author calculates the number of months taken to retire a loan of 3000 at entirely rate. Substitute the value given for the A, P, and r.
The number n of monthly payments of P dollars each required to pay off a loan of A dollars in its entirety at interest rate r is given by
n
=
−
log
(
1
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A
r
12
P
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a. A college student wants to buy a car and realizes that he can only afford payments of $200 per month. If he borrows $3000 and pays it off at 6% interest, how many months will it take him to retire the loan? Round to the nearest month.
b. Determine the number of monthly payments of $611.09 that would be required to pay off a home loan of $128.000 at 4% interest.
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The table below shows the acreage, number of visitors, and total revenue of state parks and recreational areas in Massachusetts, New York, and Vermont in 2010.
State Acreage (in thousands) Visitors (in thousands) Revenue (in thousands)
Massachusetts 350 35,271 $12,644
New York 1,354 56,322 $85,558
Vermont 69 758 $10,969
Select the three true statements based on the data in the table.
A.
Vermont had the highest revenue per acre of state parks and recreational areas.
B.
Vermont had approximately 11 visitors per acre of state parks and recreational areas.
C.
New York had the highest number of visitors per acre of state parks and recreational areas.
D.
Massachusetts had approximately 36 visitors per acre of state parks and recreational areas.
E.
New York had revenue of approximately $63.19 per acre of state parks and recreational areas.
F.
Massachusetts had revenue of approximately $0.03 per acre of state parks and recreational areas.
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