Question

I Need help from someone good at Math ASAP! Whoever does will get a good testimonial and MEDAL!!!!

Answer 1

Wooho please post your question

Answer 2

ok its a project

Answer 3

Using the function A(t) = P(1 + r)t, create the function that represents your new car loan. The principle will be the price of the vehicle you selected, not how much you are putting down.
Use your function to determine how much you will owe the bank in five years. Remember that the exponent t is measured in months. This is assuming you are not paying down your loan, so do not get scared! Show all of your work.
Again, we are assuming that you are not paying down your loan, and the bank's interest keeps piling on. Being a smart financial planner, you want to figure out how many months it will be until you owe the bank an amount of $500,000.00. Solve for t and show all of your work.
Lastly, you decide to keep track of your loan weekly instead of monthly. Solve for the adjusted interest rate.
@ash2326

Answer 4

@ash2326

Answer 5

That should be easy
A= amount of the money you owe the bank after t months
ok choose the car and tell me its price?
that will be P

Answer 6

$114,395
@ash2326

Answer 7

ok so we have
\[A=P(1+r)*t\]
P=114395
\[A=114395(1+r)*t\]
now do you have the rate of interest?

Answer 8

1.4% each month

Answer 9

ok 1.4% which is 0.014 in decimal
Do you follow?

Answer 10

yes

Answer 11

okay, put these values in the equation and what will you put for t?

Answer 12

what will i put?

Answer 13

you know that period is 5 years, so t?

Answer 14

5 right?

Answer 15

read the second paragraph again

Answer 16

woohoo give me some time, I will finish dinner and come back. meanwhile you try this part

Answer 17

500,000

Answer 18

t would be in months

Answer 19

so yeah 5 right?

Answer 20

come on? 5 is years

Answer 21

oh wait 9 weeks right

Answer 22

1 year = 12 months
5 years= ?

Answer 23

it sasys to turn 5 months into week

Answer 24

that's the last part of the question

Answer 25

brb

Answer 26

noooooo

Answer 27

dont leave!!

Answer 28

wait for sometime I'll be back,

Answer 29

its not that i will be leaving for work and im going to be back after 6 hours can you jst tell me how to do it and then leave!?

Answer 30

for the first part t=60 months ( 5years)
Use this in the formula to find A

Answer 31

ok
6959791.8

Answer 32

is that right

Answer 33

yes,

Answer 34

ok now what do i do?

Answer 35

now you have A and you need to find t
A=500,000
use the same equation to find t?

Answer 36

wasnt t 60 thats what i pllugged in the first equation

Answer 37

that was for the first part, but now your loan amount has to increase to 500,000
and we need to find the time? obviously it'll be less than 5 years

Answer 38

im leaving but pls leave the steps i have to turn this in today ill be back at 6

Answer 39

ok, I'll see what I can do

Answer 40

how far did you get ?

Answer 41

just this far.

Answer 42

ok, for this part:
Using the function A(t) = P(1 + r)t, create the function that represents your new car loan. The principle will be the price of the vehicle you selected, not how much you are putting down.

what is P ? what is r ?

Answer 43

t is 50 months and p is the price of my car

Answer 44

What number did you pick for P and what number for r ?

Answer 45

p is 141,395 and r is 0.014

Answer 46

The principle will be the price of the vehicle you selected

That seems expensive for a car. Are you sure you want to use such a big number ?

Answer 47

yeah its the price of the car im planning to get porsche

Answer 48

should we change it?

Answer 49

r is the interest rate. Normally we talk about interest rate for a year
then, if we want to change the time t to months, we divide r by 12
(if we change t to weeks, we divide r by 52)

what is the interest rate for the year ?

Answer 50

im confused honestly

Answer 51

Currently, interest rates are about 3% annual percentage rate
or 0.03

they want you to find A(t) when t is in months. that means we make r= 0.03/12
or r= 0.0025

Answer 52

now fill in the numbers for P and r in
\[ A(t) = P(1 + r)^t, \]

Answer 53

what do you get ?

Answer 54

whats t?

Answer 55

for the moment, leave t as "t"
we are making an equation as a function of t.

Answer 56

ok hold up im going to solve it

Answer 57

0.030075

Answer 58

is that right?

Answer 59

we are not looking for a number (yet)
we want an equation that looks like
\[ A(t) = P(1+r)^t \]
but with P and r replaced with numbers (and leaving "t" as a letter)

Answer 60

ok so you want me to give you the equation

Answer 61

yes. I would use P=141,395 and r= 0.0025

Answer 62

oh ok a(t)=141,395(1+0.0025)^t

Answer 63

@phi

Answer 64

looks good. notice you can add 1+0.0025 and get
1.0025
so your equation is
\[ A(t) = 141,395\cdot 1.0025^t\]
where t is measured in months

Answer 65

50

Answer 66

Next
***Use your function to determine how much you will owe the bank in five years. ***

how many months are in 5 years ?

Answer 67

60 months

Answer 68

so they want you to find A(60)

Answer 69

you mean +1.0025 you put multiply

Answer 70

you evaluate
\[ A(60)= 141,395\cdot 1.0025^{60} \]

remember your order of operations. First do the exponentiation. then multiply by 141395.00

Answer 71

ok, 45.624112452224
@phi

Answer 72

what did you get for 1.0025^60 ?

Answer 73

1.161616781555

Answer 74

@phi

Answer 75

now what do you get after you multiply that times P?

Answer 76

164246.8048

Answer 77

ok, but this is money, so people round to the nearest cent.
you get $164246.80

that is the answer to the first part.

Answer 78

oh thanks! what the second part asking

Answer 79

second part:

you want to figure out how many months it will be until you owe the bank an amount of $500,000.00

in other words A(t)= 500,000
first step: write down the equation. Don't solve it, just write it down.

Answer 80

0.03(1+0.0025)^500000?

Answer 81

no. start with your equation that you figured out in the first part,
\[ A(t) = 141,395\cdot 1.0025^t \]

A(t) is how much you owe. A(t) is 500,000
replace A(t) with 500,000

Answer 82

\[500,000=141,395*1.0025^t\]

Answer 83

@phi

Answer 84

now that you have the correct equation for this part, we solve for t.
the first step is divide both sides by 141395

Answer 85

3.536192935=1.0025^t

Answer 86

now take the log (base 10) of both sides

Answer 87

how do you do that?

Answer 88

@phi

Answer 89

you write log( ) around each term. can you do that ?

Answer 90

i got .5485359521

Answer 91

@phi

Answer 92

you should always write the whole equation, not a random number.

Answer 93

idk how to write that in the calculator thats the problem

Answer 94

@phi

Answer 95

you don't use the calculator at every step.

you should do this:
\[ 500,000=141,395*1.0025^t \\
3.536192935=1.0025^t
\]
take the log base 10 of both sides
\[ \log_{10}(3.536192935) = \log_{10}(1.0025^t) \]

on the right side, use log(a^b) = b*log(a) to rewrite it.

Answer 96

can you simplify
\[ log_{10}(1.0025^t) \]
using
\[ \log_{10}(a^t) = t \log_{10}(a) \]

Answer 97

@SolomonZelman how would you type that in a calculator?