Algebra 2: New York Edition (holt Mcdougal Larson Algebra 2)
Algebra 2: New York Edition (holt Mcdougal Larson Algebra 2)
2nd Edition
ISBN: 9780618912407
Author: MCDOUGAL LITTEL
Publisher: Mcdougal Littel
Expert Solution & Answer
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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 0.54% . The required rule is a1=10000,an=1.0054an−1−196,n≥2 .

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 6.5%12=0.54% .

The loan amount was $10,000 and in the second month the monetary debt will increase by 0.54% and amount paid is $196.

  a2=1+0.54%10000−196=1.005410000−196

So, the recursive rule can be a1=10000,an=1.0054an−1−196,n≥2

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 a1=10000 into the cell A1.

  Algebra 2: New York Edition (holt Mcdougal Larson Algebra 2), Chapter 7.5, Problem 7MRPS , additional homework tip 1

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.

  Algebra 2: New York Edition (holt Mcdougal Larson Algebra 2), Chapter 7.5, Problem 7MRPS , additional homework tip 2

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 a1=10000,an=1.0054an−1−196,n≥2

Now if paying $50 more then the new recursive rule will be:

  an=1.0054an−1−196−50,n≥2an=1.0054an−1−246,n≥2

New rule: a1=10000,an=1.0054an−1−246,n≥2 .

By using the graphing utility:

  Algebra 2: New York Edition (holt Mcdougal Larson Algebra 2), Chapter 7.5, Problem 7MRPS , additional homework tip 3

Thus, it required 47 months to repay the loan because the first term less than 0 is a48=−248 .

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.

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Chapter 7.5, Problem 6MRPS
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Chapter 7.5, Problem 8MRPS

Chapter 7 Solutions

Algebra 2: New York Edition (holt Mcdougal Larson Algebra 2)

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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Prob. 11ECh. 7.4 - Prob. 12ECh. 7.4 - Prob. 13ECh. 7.4 - Prob. 14ECh. 7.4 - Prob. 15ECh. 7.4 - Prob. 16ECh. 7.4 - Prob. 17ECh. 7.4 - Prob. 18ECh. 7.4 - Prob. 19ECh. 7.4 - Prob. 20ECh. 7.4 - Prob. 21ECh. 7.4 - Prob. 22ECh. 7.4 - Prob. 23ECh. 7.4 - Prob. 24ECh. 7.4 - Prob. 25ECh. 7.4 - Prob. 26ECh. 7.4 - Prob. 27ECh. 7.4 - Prob. 28ECh. 7.4 - Prob. 29ECh. 7.4 - Prob. 30ECh. 7.4 - Prob. 31ECh. 7.4 - Prob. 32ECh. 7.4 - Prob. 33ECh. 7.4 - Prob. 34ECh. 7.4 - Prob. 35ECh. 7.4 - Prob. 36ECh. 7.4 - Prob. 37PSCh. 7.4 - Prob. 38PSCh. 7.4 - Prob. 39PSCh. 7.4 - Prob. 40PSCh. 7.4 - Prob. 41PSCh. 7.4 - Prob. 42PSCh. 7.4 - Prob. 1DCCh. 7.4 - Prob. 2DCCh. 7.4 - Prob. 3DCCh. 7.4 - Prob. 4DCCh. 7.5 - Prob. 1GPCh. 7.5 - Prob. 2GPCh. 7.5 - Prob. 3GPCh. 7.5 - Prob. 4GPCh. 7.5 - Prob. 5GPCh. 7.5 - Prob. 6GPCh. 7.5 - Prob. 7GPCh. 7.5 - Prob. 8GPCh. 7.5 - Prob. 9GPCh. 7.5 - Prob. 10GPCh. 7.5 - Prob. 11GPCh. 7.5 - Prob. 12GPCh. 7.5 - Prob. 1ECh. 7.5 - Prob. 2ECh. 7.5 - Prob. 3ECh. 7.5 - Prob. 4ECh. 7.5 - Prob. 5ECh. 7.5 - Prob. 6ECh. 7.5 - Prob. 7ECh. 7.5 - Prob. 8ECh. 7.5 - Prob. 9ECh. 7.5 - Prob. 10ECh. 7.5 - Prob. 11ECh. 7.5 - Prob. 12ECh. 7.5 - Prob. 13ECh. 7.5 - Prob. 14ECh. 7.5 - Prob. 15ECh. 7.5 - Prob. 16ECh. 7.5 - Prob. 17ECh. 7.5 - Prob. 18ECh. 7.5 - Prob. 19ECh. 7.5 - Prob. 20ECh. 7.5 - Prob. 21ECh. 7.5 - Prob. 22ECh. 7.5 - Prob. 23ECh. 7.5 - Prob. 24ECh. 7.5 - Prob. 25ECh. 7.5 - Prob. 26ECh. 7.5 - Prob. 27ECh. 7.5 - Prob. 28ECh. 7.5 - Prob. 29ECh. 7.5 - Prob. 30ECh. 7.5 - Prob. 31ECh. 7.5 - Prob. 32ECh. 7.5 - Prob. 33ECh. 7.5 - Prob. 34ECh. 7.5 - Prob. 35ECh. 7.5 - Prob. 36ECh. 7.5 - Prob. 37ECh. 7.5 - Prob. 38ECh. 7.5 - Prob. 39ECh. 7.5 - Prob. 40ECh. 7.5 - Prob. 41ECh. 7.5 - Prob. 42ECh. 7.5 - Prob. 43PSCh. 7.5 - Prob. 44PSCh. 7.5 - Prob. 45PSCh. 7.5 - Prob. 46PSCh. 7.5 - Prob. 47PSCh. 7.5 - Prob. 48PSCh. 7.5 - Prob. 1QCh. 7.5 - Prob. 2QCh. 7.5 - Prob. 3QCh. 7.5 - Prob. 4QCh. 7.5 - Prob. 5QCh. 7.5 - Prob. 6QCh. 7.5 - Prob. 7QCh. 7.5 - Prob. 8QCh. 7.5 - Prob. 9QCh. 7.5 - Prob. 10QCh. 7.5 - Prob. 11QCh. 7.5 - Prob. 12QCh. 7.5 - Prob. 13QCh. 7.5 - Prob. 14QCh. 7.5 - Prob. 15QCh. 7.5 - Prob. 16QCh. 7.5 - Prob. 17QCh. 7.5 - Prob. 18QCh. 7.5 - Prob. 19QCh. 7.5 - Prob. 1PCh. 7.5 - Prob. 2PCh. 7.5 - Prob. 3PCh. 7.5 - Prob. 4PCh. 7.5 - Prob. 5PCh. 7.5 - Prob. 6PCh. 7.5 - Prob. 1.1PCh. 7.5 - Prob. 1.2PCh. 7.5 - Prob. 1.3PCh. 7.5 - Prob. 1.4PCh. 7.5 - Prob. 1.5PCh. 7.5 - Prob. 1.6PCh. 7.5 - Prob. 1.7PCh. 7.5 - Prob. 1.8PCh. 7.5 - Prob. 1.9PCh. 7.5 - Prob. 1.10PCh. 7.5 - Prob. 1.11PCh. 7.5 - Prob. 1.12PCh. 7.5 - Prob. 1MRPSCh. 7.5 - Prob. 2MRPSCh. 7.5 - Prob. 3MRPSCh. 7.5 - Prob. 4MRPSCh. 7.5 - Prob. 5MRPSCh. 7.5 - Prob. 6MRPSCh. 7.5 - Prob. 7MRPSCh. 7.5 - Prob. 8MRPSCh. 7.5 - Prob. 9MRPSCh. 7 - Prob. 1VECh. 7 - Prob. 2VECh. 7 - Prob. 3VECh. 7 - Prob. 4VECh. 7 - Prob. 5REAECh. 7 - Prob. 6REAECh. 7 - Prob. 7REAECh. 7 - Prob. 8REAECh. 7 - Prob. 9REAECh. 7 - Prob. 10REAECh. 7 - Prob. 11REAECh. 7 - Prob. 12REAECh. 7 - Prob. 13REAECh. 7 - Prob. 14REAECh. 7 - Prob. 15REAECh. 7 - Prob. 16REAECh. 7 - 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