Question

.You are going to purchase a new car, but being a responsible consumer means doing a little bit of research first.

First, you find the vehicle you are purchasing and its price.
Vehicle: Chevy Volt
Price: $39,145
Current interest rate: 3%

Question: 2.Being a smart financial planner, you want to figure out how many months it will be until your principal is paid down to $10,000.00. Solve for t and show all of your work. Note that t will be negative because the number of months will decrease the principal.

Answer 1

@bibby @douglaswinslowcooper

Answer 2

PLease anyone

Answer 3

We need to know what monthly payment you plan to make so that it can be apportioned between paying the interest and reducing the principal. Your course should have given you some relevant formulas.

Answer 4

Here it is A(t) = 39,145(1+ 0.03/12)^(12t).

Answer 5

@douglaswinslowcooper

Answer 6

Never mind then

Answer 7

@gavin39 Did you ever figure this out??