Question

First, you find the vehicle you are purchasing and its price.
Vehicle: Chevy Volt
Price: $39,145

Current interest rate: 3%

you decide to keep track of your loan four times a month instead of monthly. Solve for the adjusted interest rate

A(t)=p(1+r/n)^nt

Answer 1

im wondering, couldn't you use e instead of that?

Answer 2

im pretty sure i have to figure it out using that equation for this assignment

Answer 3

ok

Answer 4

39110.303 is the original price

Answer 5

which book are you using?

Answer 6

39,145$

Answer 7

i have no idea its online school

Answer 8

so this how it goes, you first need to find out the P which is the original price. Then, you plug in the other numbers accordingly.

Answer 9

so the first equation is A(t)=39,145(1+ .03/12)^12t

Answer 10

but i dont understand what id change if you check the loan 4 times a month

Answer 11

but why is it over 12?

Answer 12

because there are 12 months in a year

Answer 13

I think im lost!

Answer 14

yeah me too

Answer 15

doesn't it become 48 (the n)?

Answer 16

hmm ill try that

Answer 17

40,336?