Help please :c
Lastly, you decide to keep track of your loan four times a month instead of monthly. Solve for the adjusted interest rate. Remember to use the formula A(t)=P[(1+r/n)^1/c]^cnt where c = 4. When solving for the adjusted interest rate, be sure to set it equal to 1+r/n
I put all the numbers into the function giving me a(t)=39145[(1.0025)^1/4]^48t

Question

Help please :c
Lastly, you decide to keep track of your loan four times a month instead of monthly. Solve for the adjusted interest rate. Remember to use the formula A(t)=P[(1+r/n)^1/c]^cnt where c = 4. When solving for the adjusted interest rate, be sure to set it equal to 1+r/n
I put all the numbers into the function giving me a(t)=39145[(1.0025)^1/4]^48t

anonymous · Answer

@phi Mind helping me again?

anonymous · Answer

@whpalmer4 any ideas?

anonymous · Answer

I don't understand what I'm suppose to be doing.

phi · Answer

I think you find 1.0025^(¼)
as the next step

anonymous · Answer

Which would be .250625

anonymous · Answer

Then would I multiply that by 39145?

phi · Answer

they want the new interest rate
The original rate was 3% ... is that correct ?

anonymous · Answer

Correct!

phi · Answer

I think we need A(t)

anonymous · Answer

So then what would be the next step to finding that?

phi · Answer

I would have to guess on this one.

anonymous · Answer

Problem is this isn't a multiple choice question, it's a short essay thing :/

phi · Answer

Do you have anything from your text about "adjusted interest rates"  or that describe your formula A(t)=P[(1+r/n)^1/c]^cnt
?

anonymous · Answer

What I posted at the top was the exact question.

anonymous · Answer

"Lastly, you decide to keep track of your loan four times a month instead of monthly. Solve for the adjusted interest rate. Remember to use the formula A(t)=P[(1+r/n)^1/c]^cnt where c = 4. When solving for the adjusted interest rate, be sure to set it equal to 1+r/n"

phi · Answer

yes.  But do you have a textbook that explains more about this type of problem ?

anonymous · Answer

No, I don't. Should I call my math teacher on this question?

phi · Answer

I am sure they expect you to know about this (and so will your teacher).  You might ask your teacher for a hint.

Unfortunately, I don't know this formula nor have I seen this type of problem, so I would be guessing.

anonymous · Answer

Okay, no problem I'll him. Thanks for trying though!

anonymous · Answer

I'll call him**

phi · Answer

If you figure it out, please post how to do it here.  I would like to know.

anonymous · Answer

Okay, will do!

anonymous · Answer

Hey @phi I called my math teacher and he said that all it was asking to do was replacing "n" with the numbers of weeks instead of months. So instead of n=12 it would be n=52. Then solve like we did in my last question we did together.