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
−
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.
e Grade Breakdown
x Dashboard | Big Spring HX
Dashboard | Big Spring H x
Home | Lesson | Assessm
cds.caolacourses.edisonlearning.com/lessons/assessmentplayer
Co bigspringsd.org bookmarks Prodigy New Tab my video Brielynn...
Algebra 2 Part 1-Exam-EDCP.MA003.A
D
Question
6
D
?
10
17°F
Mostly sunny
BSMS Home
Significant Events in...
Classes
25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Solve using row operations: x-3y= -4; 2x - y = 7
Use the paperclip button below to attach files.
Student can enter max 2000 characters
BISU DAIAAA
X2 X2 T
②
Type here
Q Search
e
I
✓
Paragra
O
1+3+5+7+ …+300
using gauss’s problem
Factor the expression.
5x³ (x²+8x)² - 35x (x²+8x) 2
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.
How to determine the difference between an algebraic and transcendental expression; Author: Study Force;https://www.youtube.com/watch?v=xRht10w7ZOE;License: Standard YouTube License, CC-BY