Concept explainers
Use the result of Problem 66 to show that if the minimum monthly payments are always calculated the same way and the borrower never pays more than the minimum that the loan will technically never reach a zero balance. Then explain why that doesn’t mean that realistically it won’t ever be paid off.
66. Here’s another approach to the calculation in Example 8. It’s actually like a savings account with negative interest: instead of 1% of the amount being added each compounding period (month in this case), 1% is being subtracted from the amount. Use the compound interest formula with a principal balance of $2,300 and interest of −1% per month compounded monthly for 6 months. How does the result compare to the calculations in Example 8?
EXAMPLE 8 Studying the Effect of Making Minimum Payments
Suppose you have a $2,300 balance on a credit card with an interest rate of 1.1% per month, and the minimum payment for any month is the amount of interest plus 1% of the principal balance. If you don’t make any more purchases on that card and make the minimum payment for 6 months, how much will you pay down the balance?
Want to see the full answer?
Check out a sample textbook solutionChapter 7 Solutions
MATH IN OUR WORLD:LL W/ALEKS >BI<
- use a graphing utility to sketch the graph of the function and then use the graph to help identify or approximate the domain and range of the function. f(x)=xsqrt(9-(x^2))arrow_forward4. Select all of the solutions for x²+x - 12 = 0? A. -12 B. -4 C. -3 D. 3 E 4 F 12 4 of 10arrow_forward2. Select all of the polynomials with the degree of 7. A. h(x) = (4x + 2)³(x − 7)(3x + 1)4 B h(x) = (x + 7)³(2x + 1)^(6x − 5)² ☐ Ch(x)=(3x² + 9)(x + 4)(8x + 2)ª h(x) = (x + 6)²(9x + 2) (x − 3) h(x)=(-x-7)² (x + 8)²(7x + 4)³ Scroll down to see more 2 of 10arrow_forward
- 1. If all of the zeros for a polynomial are included in the graph, which polynomial could the graph represent? 100 -6 -2 0 2 100 200arrow_forward3. Select the polynomial that matches the description given: Zero at 4 with multiplicity 3 Zero at −1 with multiplicity 2 Zero at -10 with multiplicity 1 Zero at 5 with multiplicity 5 ○ A. P(x) = (x − 4)³(x + 1)²(x + 10)(x — 5)³ B - P(x) = (x + 4)³(x − 1)²(x − 10)(x + 5)³ ○ ° P(x) = (1 − 3)'(x + 2)(x + 1)"'" (x — 5)³ 51 P(r) = (x-4)³(x − 1)(x + 10)(x − 5 3 of 10arrow_forwardMatch the equation, graph, and description of transformation. Horizontal translation 1 unit right; vertical translation 1 unit up; vertical shrink of 1/2; reflection across the x axis Horizontal translation 1 unit left; vertical translation 1 unit down; vertical stretch of 2 Horizontal translation 2 units right; reflection across the x-axis Vertical translation 1 unit up; vertical stretch of 2; reflection across the x-axis Reflection across the x - axis; vertical translation 2 units down Horizontal translation 2 units left Horizontal translation 2 units right Vertical translation 1 unit down; vertical shrink of 1/2; reflection across the x-axis Vertical translation 2 units down Horizontal translation 1 unit left; vertical translation 2 units up; vertical stretch of 2; reflection across the x - axis f(x) = - =-½ ½ (x − 1)²+1 f(x) = x²-2 f(x) = -2(x+1)²+2 f(x)=2(x+1)²-1 f(x)=-(x-2)² f(x)=(x-2)² f(x) = f(x) = -2x²+1 f(x) = -x²-2 f(x) = (x+2)²arrow_forward
- What is the vertex, increasing interval, decreasing interval, domain, range, root/solution/zero, and the end behavior?arrow_forwardCalculate a (bxc) where a = i, b = j, and c = k.arrow_forwardi+2j+3k = (1,2,3) and b = -i-k. Calculate the cross product a x b where a Next calculate the area of the parallelogram spanned by a and b.arrow_forward
- The measured receptance data around two resonant picks of a structure are tabulated in the followings. Find the natural frequencies, damping ratios, and mode shapes of the structure. (30 points) (@)×10 m/N α₁₂ (@)×10 m/N w/2z (Hz) 99 0.1176 0.17531 0.1114 -0.1751i 101 -0.0302 0.2456i -0.0365 -0.2453i 103 -0.1216 0.1327i -0.1279-0.1324i 220 0.0353 0.0260i -0.0419+0.0259i 224 0.0210 0.0757i |-0.0273 +0.0756i 228 -0.0443 0.0474i 0.0382 +0.0474iarrow_forwardQ3: Define the linear functional J: H(2) R by 1(v) = a(v. v) - L(v) Let u be the unique weak solution to a(u,v) = L(v) in H() and suppose that a(...) is a symmetric bilinear form on H(2) prove that 1- u is minimizer. 2- u is unique. 3- The minimizer J(u,) can be rewritten under algebraic form u Au-ub. J(u)=u'Au- Where A. b are repictively the stiffence matrix and the load vectorarrow_forward== 1. A separable differential equation can be written in the form hy) = g(a) where h(y) is a function of y only, and g(x) is a function of r only. All of the equations below are separable. Rewrite each of these in the form h(y) = g(x), then find a general solution by integrating both sides. Determine whether the solutions you found are explicit (functions) or implicit (curves but not functions) (a) 1' = — 1/3 (b) y' = = --- Y (c) y = x(1+ y²)arrow_forward
- Intermediate AlgebraAlgebraISBN:9781285195728Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningAlgebra for College StudentsAlgebraISBN:9781285195780Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage Learning