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?
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Chapter 7 Solutions
MATH IN OUR WORLD (LL) W/18 WEEKS ALEKS
- Let X be a random variable with support SX = {−3, 0.5, 3, −2.5, 3.5}. Part ofits probability mass function (PMF) is given bypX(−3) = 0.15, pX(−2.5) = 0.3, pX(3) = 0.2, pX(3.5) = 0.15.(a) Find pX(0.5).(b) Find the cumulative distribution function (CDF), FX(x), of X.1(c) Sketch the graph of FX(x).arrow_forwardanswerarrow_forward4 The plane 2x + 3y+ 6z = 6 intersects the coordinate axes at P, Q, and R, forming a triangle. Draw a figure and identify the three points on it. Also find vectors PQ and PR. Write a vector formula for the area of the triangle PQR and find its value.arrow_forward
- -10 M 10 y 5 P -5 R 5 -5 Ο 10 N -10 Οarrow_forward1. Given the vector field F(x, y, z) = -zi, verify the relation 1 VF(0,0,0) lim +0+ volume inside S ff F• Nds S. where S, is the surface enclosing a cube centred at the origin and having edges of length 2€. Then, determine if the origin is sink or source.arrow_forwardA crate is supported by three cables as shown. Determine the weight of the crate knowing that the tension in cable AB is 750 lbarrow_forward
- + 32 in. B 36 in. 40 in. A 60 in. X 27 in.arrow_forwardEquilibrium Equations: Two-dimensional 2.28 Ra= Rc= 2.29 (change force to 600N) AC= AB= 2.33 CD= AC= DE= BC= Free Body Diagrams 2.34 Ax= Ay=_ Bx= By= 2.36 Ax= Ay= Bx= By= 2.37 (change middle force to 4000 lbs) Ay=_ Dx= Dy=_ 2.38 (change horizontal force to 2 kN) Ax= Ay= Bx= By=_ 2.40 Ay= By= Dx= 32% Bx= Cy= Dy=arrow_forwardEquilibrium Equations: Two-dimensional 2.28 Ra= Rc= 2.29 (change force to 600N) AC= AB= 2.33 CD= AC= DE= BC= Free Body Diagrams 2.34 Ax= Ay=_ Bx= By= 2.36 Ax= Ay= Bx= By= 2.37 (change middle force to 4000 lbs) Ay=_ Dx= Dy=_ 2.38 (change horizontal force to 2 kN) Ax= Ay= Bx= By=_ 2.40 Ay= By= Dx= 32% Bx= Cy= Dy=arrow_forward
- You can add the two forces together to get the total force at each joint.arrow_forwardFor 2.29 Find the forces in AC and CB (not AB) that are pushing on the joint C. Please also include an arrow that shows how the forces are pushing on joint C. Are they pushing on C or pulling on C. For 2.29 change force to 600N.arrow_forward1. Let n be an integer. Show that gcd (n², n² + n + 1) = 1. Note: You must justify every step of your proof using a result shown either in this course or in a previous one. Steps without a proper justification will not account for credit. 2. Express the following in base 10. Show all the necessary work to obtain your answer. (a) 12345 (b) 101012 (c) 11111 3. a) Convert the base 10 number 54321 to base 6. Show all the necessary work to obtain your answer. b) Convert the base 10 number 100 to base 2. Show all the necessary work to obtain your answer. 4. 6. For each of the following equations, find all integral solutions or show that it has none. Show all the necessary work to obtain your answer. (a) 3x+4y=10 (b) 44x-17y = 9 (c) 60x+9y= 31 (d) 16x + 24y = 44 5. What is the smallest nonzero value of X Y - where x and y are integers? Show all the necessary 136 31 work to obtain your answer. 6. Find the prime factorization of the following integers. Show all the necessary work to obtain your…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
![Text book image](https://www.bartleby.com/isbn_cover_images/9781285195728/9781285195728_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781285195780/9781285195780_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781938168383/9781938168383_smallCoverImage.gif)