Help! Last Question
Really Late!
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%

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

Question

Help! Last Question
Really Late!
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%

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

anonymous · Answer

I have the first part which is: A(t)=39,145(1+0.03/12)^12t
I need help with this question though

anonymous · Answer

@mathstudent55 can you please help me

anonymous · Answer

@phi

anonymous · Answer

@sourwing

anonymous · Answer

@Kainui

anonymous · Answer

The equation above is my compound intrest

wolf1728 · Answer

First of all what is the monthly payment?
If it's $39,145 then it will be all paid up in zero years.

anonymous · Answer

So distribute 39,145 into (1+0.03/12)?

wolf1728 · Answer

For loan payments there are 4 variables rate; time; amount and monthly payment.  If you know 3 of the 4 the 4th can then be calculated.
It seems we only know the rate and the amount.  We need time and monthly payment.

anonymous · Answer

The current interest rate is at 3% and it is compounded monthly.

anonymous · Answer

So we have rate,time, and  amount now

wolf1728 · Answer

But we need the time or the monthly payment.

wolf1728 · Answer

We don't know the time - that is something we have to calculate.

anonymous · Answer

Lets calculate away then!
Im game for any help I can get

wolf1728 · Answer

Okay - I have a loan calculator here: http://1728.org/calcloan.htm Still we just can't calculate away with two unknown variables.

anonymous · Answer

So what do I do? contact teacher?

wolf1728 · Answer

This is like trying to calculate a car's speed when you only know the distance.
A car travels 500 miles - how fast did it go?  You need the time.
Anyway notifying the teacher might be a good idea.

anonymous · Answer

Ok thank you so much! now to figure out how togive medals...

anonymous · Answer

Got it!

wolf1728 · Answer

u r welcome - and to give medals click on the best response icon.

wolf1728 · Answer

all right - thanks

wolf1728 · Answer

Just thought I'd say if you get more information, send a message to me - I still might be able to figure this out.