Question

Can someone help me with Solving Exponential Equations with unequal bases?

Answer 1

Sure

Answer 2

ok i have to do my equation on inetrest rates, and the payment of a car. The car payment is 5,990 and the interest rate is 4.84 for 3 months. Im not sure how I can set this up or how to solve it :/

Answer 3

What are you trying to find? I.e., what is the problem asking for? You stated that you have to do a problem on interest rates and payment, but you already told me the interest rate (4.94%) and payment (5,990).

Answer 4

well the question says Using the function A(t)=P(1+ r/n)^nt , 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.

Im not sure how to create the function

Answer 5

what is the question

Answer 6

thats the question the one that i just posted. thats what the question says, I copied and pasted it word for word. My price for the vehicle is 5,990 and the interest rate that i looked up is 4.84% @Rolltideroll

Answer 7

Alright, so that is the compound interest formula. P is the principle, r is the interest rate, t is the time that the money is in the account, and n is the number of times the money is compounded per year.

Answer 8

What is the price of the vehicle - the principle?
is it 5900? or is that "the payment" as you typed?

Answer 9

I=(Pxrxi)/12
= (5990x0.0484x3)/12
= the answer

Answer 10

its the principle

Answer 11

lol, thanks Moe.

Answer 12

ur wlcm

Answer 13

i still need help tho guys, that wasnt the end of it. If thats alright :/

Answer 14

continue plz

Answer 15

It says "Use your function to determine how much you will owe the bank in five years. This is assuming you are not paying down your loan, so do not get scared! Show all of your work." how do I figure out how much I will owe the bamk in 5 years? Do I multiply the answer?

Answer 16

i dont know i forgot how to do this

Answer 17

lol is ok Alex thanks for trying though :)

Answer 18

no problem what type of math is this

Answer 19

Algebra II

Answer 20

oh ok

Answer 21

Do you know how many times it's compounded per year

Answer 22

um no, wouldnt it be 12 or 4.84? Or the answer to the last one which was 7.2

Answer 23

Using the formula you gave I get: A(t) = 5990 [ 1 + (0.0494 / n)]^[n(5)] where n is how many times it's compounded annually

Answer 24

So how do you get n?

Answer 25

It should be given for you in the problem. if it's not, then I assume n would be 1

Answer 26

oh ok, bc it's not given at all.

Answer 27

Some problems would say "... blah blah blah.. compounded quarterly..." which would make n = 4.... but if your problem says nothing, I think it is 1

Answer 28

ok, yes it doens't say anything about the annual compound.

Answer 29

is it a simple or a compound interest?

Answer 30

um, i think its a compound interest since it has to do with interest rates and such.. :/

Answer 31

i can post the whole page if you guys would like

Answer 32

"well the question says Using the function A(t)=P(1+ r/n)^nt , create the function that represents your new car loan. T" = compound interest

Answer 33

oh ok, so yeah compound interest sorry!!!

Answer 34

:)
Well I think we're done here. All finished right?

Answer 35

lol noo, its a really long page :/

Answer 36

lol

Answer 37

im sorry Im a pain! I just really dont understand math

Answer 38

can u attach the file?

Answer 39

Nobody does, it requires time and effort. Some people are great and pick everything up very fast, others require more effort. I'm pretty average but I made it to Calculus 3 and other advanced topics. You can do it!

Answer 40

yes

Answer 41

(If I can do it, anyone can)

Answer 42

lol thanks :)

Answer 43

oh cool

well i have to step out but message me if nobody helped you and when I get back i can help with your assignment

Answer 44

30 min or so

Answer 45

ok thanks so much btw!

Answer 46

@ranga are you here to help me too? I hear ur like a genius!!!

Answer 47

hold on let me see if one of my other friends can help you with this he is very good at math

Answer 48

omg thnks Alex!!!!!!!!!!

Answer 49

@amoodarya can you help Sahar with her question

Answer 50

no prob

Answer 51

:D

Answer 52

@amoodarya

Answer 53

Car loans tend be compounded monthly. So I would choose n = 12.
P = $5,990
r = 4.84% = 0.0484
n = 12 (how many times the interest is compounded per year)

A(t) = P * (1 + r/n)^(nt)
= 5900 * (1 + 0.0484 / 12)^(12*t)
A(t) = 5900((1.0040333)^(12t)
is the function.

Answer 54

bump your question

Answer 55

OMG thank you @ranga and i cant Alex

Answer 56

oh ok

Answer 57

The 4.84% interest rate that you looked up, is that 4.84% APR? (APR-Annual Percentage Interest)

Answer 58

um, im not sure, i went on google and i just looked up, "Current Auto Loan Interest rates" and it brought me to this website: http://www.bankrate.com/finance/auto/current-interest-rates.aspx and I chose the January 22nd, 2014

Answer 59

They don't explicitly say so we will have to assume it is annual interest rate in which case the A9t) I gave above is correct.

Answer 60

hey become a fan of @amoodarya

Answer 61

ok :) and then my problem says, use the function to determine how much you will owe in 5 years, This is assuming you are not paying your down loan. How do I figure that out (i did alex)

Answer 62

ok send him the question and let him look at it

Answer 63

im getting help now, i'll send another question to him if I have one Alex

Answer 64

So for the first part the function is:
A(t) = 5900(1.0040333)^(12t)

For the part that asks how much you will owe the bank in 5 years if no monthly payments are made, just plug in t = 5 in the formula and calculate A.

A(t) = 5900 * (1.0040333)^(12t)
Put t = 5
A = 5900 * (1.0040333)^(12 * 5)
A = 5900 * (1.0040333)^(60)
A = $7511.71

In 5 years, if no monthly payments is made, you will owe $7511.71 to the bank on a $5,900 loan.

Answer 65

Thank you so much!! Can u help me with more please???

Answer 66

You are welcome. I can try one more. But post it as a new question because this is getting too long.

Answer 67

okeydoke :)