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.
Suppose you flip a fair two-sided coin four times and record the result.
a). List the sample space of this experiment. That is, list all possible outcomes that could
occur when flipping a fair two-sided coin four total times. Assume the two sides of the coin are
Heads (H) and Tails (T).
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