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
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1
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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.
Can we have an exponential equation using logarithm however i want to show that one mistake is involved in solving it. Showing the mistake and how to be fixed. Thanks.
Is it possible to show me how to come up with an exponential equation by showing all the steps work and including at least one mistake that me as a person can make. Like a calculation mistake and high light what the mistake is. Thanks so much.
Consider the weighted voting system [16: 15, 8, 3, 1]Find the Banzhaf power distribution of this weighted voting system.List the power for each player as a fraction:
P1:
P2:
P3:
P4:
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