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.
A research study in the year 2009 found that there were 2760 coyotes
in a given region. The coyote population declined at a rate of 5.8%
each year.
How many fewer coyotes were there in 2024 than in 2015?
Explain in at least one sentence how you solved the problem. Show
your work. Round your answer to the nearest whole number.
Answer the following questions related to the following matrix
A =
3
³).
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