Holt Mcdougal Larson Algebra 2: Student Edition 2012
1st Edition
ISBN: 9780547647159
Author: HOLT MCDOUGAL
Publisher: HOLT MCDOUGAL
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Expert Solution & Answer
Chapter 7.5, Problem 7MRPS
Solution
i.
To calculate: The monthly interest rate and then write a recursive rule for the amount of money owe after n months. It is given that you take out a five years loan of $10,000 to buy a car. The loan has an annual interest rate of 6.5% compounded monthly. Each month you make a monthly payment of $196.
The interest rate is
Given information:
It is given that you take out a five years loan of $10,000 to buy a car. The loan has an annual interest rate of 6.5% compounded monthly. Each month you make a monthly payment of $196.
Calculation:
Consider the given information.
The loan has an annual interest rate of 6.5% compounded monthly, so the monthly interest rate is
The loan amount was $10,000 and in the second month the monetary debt will increase by
So, the recursive rule can be
ii.
To calculate: The amount owes after 12 months.
After 12 months the amount owe is $8395.135 approximately.
Given information:
It is given that you take out a five years loan of $10,000 to buy a car. The loan has an annual interest rate of 6.5% compounded monthly. Each month you make a monthly payment of $196.
Calculation:
Consider the given information.
Step 1: Enter the value of
Step 2: Enter the formula “=1.0054*A1-196” into cell A2 and fill down command to copy the recursive equation into the rest of column A.
After 12 months the amount owe is $8395.135 approximately.
iii.
To calculate: The number of months to repay the loan if you had decided to pay an additional $50 with each monthly payment.
47 months are required to pay the loan.
Given information:
It is given that you take out a five years loan of $10,000 to buy a car. The loan has an annual interest rate of 6.5% compounded monthly. Each month you make a monthly payment of $196.
Calculation:
Consider the given information.
The recursive rule was
Now if paying $50 more then the new recursive rule will be:
New rule:
By using the graphing utility:
Thus, it required 47 months to repay the loan because the first term less than 0 is
iv.
To identify: That is, it beneficial to pay the additional $50 with each payment.
Yes, it is beneficial to pay the additional $50.
Given information:
It is given that you take out a five years loan of $10,000 to buy a car. The loan has an annual interest rate of 6.5% compounded monthly. Each month you make a monthly payment of $196.
Explanation:
Consider the given information.
It is beneficial to pay the additional $50 because the monthly rate increases the det each month.
If $50 extra will be paid then they need to pay less interest and will repay it faster and have less increases.
Chapter 7 Solutions
Holt Mcdougal Larson Algebra 2: Student Edition 2012
Ch. 7.1 - Prob. 1GPCh. 7.1 - Prob. 2GPCh. 7.1 - Prob. 3GPCh. 7.1 - Prob. 4GPCh. 7.1 - Prob. 5GPCh. 7.1 - Prob. 6GPCh. 7.1 - Prob. 7GPCh. 7.1 - Prob. 8GPCh. 7.1 - Prob. 9GPCh. 7.1 - Prob. 10GP
Ch. 7.1 - Prob. 11GPCh. 7.1 - Prob. 12GPCh. 7.1 - Prob. 13GPCh. 7.1 - Prob. 14GPCh. 7.1 - Prob. 1ECh. 7.1 - Prob. 2ECh. 7.1 - Prob. 3ECh. 7.1 - Prob. 4ECh. 7.1 - Prob. 5ECh. 7.1 - Prob. 6ECh. 7.1 - Prob. 7ECh. 7.1 - Prob. 8ECh. 7.1 - Prob. 9ECh. 7.1 - Prob. 10ECh. 7.1 - Prob. 11ECh. 7.1 - Prob. 12ECh. 7.1 - Prob. 13ECh. 7.1 - Prob. 14ECh. 7.1 - Prob. 15ECh. 7.1 - Prob. 16ECh. 7.1 - Prob. 17ECh. 7.1 - Prob. 18ECh. 7.1 - Prob. 19ECh. 7.1 - Prob. 20ECh. 7.1 - Prob. 21ECh. 7.1 - Prob. 22ECh. 7.1 - Prob. 23ECh. 7.1 - Prob. 24ECh. 7.1 - Prob. 25ECh. 7.1 - Prob. 26ECh. 7.1 - Prob. 27ECh. 7.1 - Prob. 28ECh. 7.1 - Prob. 29ECh. 7.1 - Prob. 30ECh. 7.1 - Prob. 31ECh. 7.1 - Prob. 32ECh. 7.1 - Prob. 33ECh. 7.1 - Prob. 34ECh. 7.1 - Prob. 35ECh. 7.1 - Prob. 36ECh. 7.1 - Prob. 37ECh. 7.1 - Prob. 38ECh. 7.1 - Prob. 39ECh. 7.1 - Prob. 40ECh. 7.1 - Prob. 41ECh. 7.1 - Prob. 42ECh. 7.1 - Prob. 43ECh. 7.1 - Prob. 44ECh. 7.1 - Prob. 45ECh. 7.1 - Prob. 46ECh. 7.1 - Prob. 47ECh. 7.1 - Prob. 48ECh. 7.1 - Prob. 49ECh. 7.1 - 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