Question

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

Missing alot of information

Answer 2

That's all the information given to me in the quiz. I have this formula though:
A = P(1 + r/n)nt
@FibonacciChick666

Answer 3

with out A,r,n You cannot solve this unless you just solve for t

Answer 4

I know, that's all the question says though. I am extremely confused as well.

Answer 5

uhm, check a previous problem? This cannot be solved solely on the info given except just solving for t

Answer 6

Ok hang on...

Answer 7

The only other question before this one:

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%
Using the function A(t)=P(1+r/n)^nt, create the function that represents your new car loan that is compounded monthly. The principle will be the price of the vehicle you selected, not how much you are putting down.

Answer: A(t)=$39,145(1+0.02/ n)^nt

Answer 8

use that info

Answer 9

In what way? Would I have to replace A with $10,000?

Answer 10

First, what does A(t) stand for?

Answer 11

The variable A represents the amount of money in the account after t years.

P is the principal or amount of money invested.

The variable r is the interest rate, in decimal format, on the account.

The variable n is the number of times interest is earned, or compounded, on the account.

Answer 12

good, I just like to know you know

Answer 13

:) Yeah I guess I should've posted all of this from the start

Answer 14

BUt yes, you replace A with the new balance. And it's ok, You didn't realize it

Answer 15

I suggest solving for t in variables first though

Answer 16

it's easier

Answer 17

Ok thanks. I will see what I can do. Yeah, the question is asking for T either way.

Answer 18

yup, let me know if you have another hiccup