Question

I have the equation I just need help figuring it out! Please! 3.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.
My equation-
10,000=39,145[(1+0.03/12)^1/4]^(4)12t

Answer 1

@jim_thompson5910 @ganeshie8

Answer 2

@Hero @ParthKohli

Answer 3

@texaschic101 @SolomonZelman

Answer 4

Lastly? What happened Firstly?

Answer 5

There was two other questions but I answered them already I'm just having a hard time with this one and need to know how to figure out that equation. @Hero

Answer 6

The questions all go together. It is not possible to answer the third question without knowing what the first two are about. It's like giving someone the end of a novel and expecting them to know what happened the beginning.

Answer 7

1.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.
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.
3.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. @hero

Answer 8

My answer for 1. is A(t) = 39,145(1+ 0.03/12)^(12t) my answer for 2. is -45.5=t

Answer 9

Where did you get the information for the first question?

Answer 10

It tells me in my lesson what each letter represents. I really just need help solving the equation that's all please. @hero

Answer 11

You mean you need help solving this:
10,000=39,145[(1+0.03/12)^1/4]^(4)12t

Answer 12

Yes.

Answer 13

\[10,000=39,145\left[\left(1+\frac{0.03}{12}\right)^{\frac{1}{4}}\right]^{(4)12t}\]

Answer 14

Basically, you are solving for t. I can walk you through the steps. For each step I suggest for you to do, post the result you get afterwards, so I can keep track.

Answer 15

Okay thank you so much!

Answer 16

Well, technically you could just take logs of both sides. If you had a calculator, you could just log both sides, then isolate t.

Answer 17

Yeah but wouldn't I have simplify all the exponents?

Answer 18

Not necessarily. If you have a calculator, all you have to do is just input the information into your calculator correctly. Let's try to do this step by step. First log both sides. Let me know what you get for the result.

Answer 19

Remember this rule

\[\log(a^b) = b \log(a)\]

Answer 20

log of 10,000 would be 4 correct?

Answer 21

Yeah, but you didn't have to perform the log just yet. But that at least simplifies the left side.

Answer 22

Once you have logged both sides, write out what you think the equation looks like afterwards.

Answer 23

10,000=39,145 (1.0025^1/4)^48t

Answer 24

right?

Answer 25

Log both sides. You had 4 for the left side after logging right? Now log the other side. Let me know what you get afterwards.

Answer 26

but I don't get how I can log it if it has the 1/4?

Answer 27

Don't worry about the 1/4 just yet. Just apply the rule \(\log(a^b) = b \log(a)\) for the 48t

Answer 28

Oh! so it'd be 48t log(1.0025)^1/4 right?

Answer 29

On the right side yes

Answer 30

Well wait, the 1/4 should be inside the parentheses

Answer 31

You should have

4 = 48t log(1.0025^{1/4})

Answer 32

Now all you have to do is just isolate t

Answer 33

so then itd be 4/48 log (1.0025^(1/4))=t?

Answer 34

yes, but the value you get for t won't mean anything

Answer 35

so now what?

Answer 36

If I were you I'd double check your values to make sure you have them correct.

Answer 37

Does it say what t represents in this case?

Answer 38

I have. :( im so tired of this ive been working on this stupid question for two hours already im just going to call my teacher.

Answer 39

Then it is saying that t will be negative.

Answer 40

Even stranger

Answer 41

Wait yes it is supposed to be a negative

Answer 42

Actually, it says to solve for the adjusted interest rate.

Answer 43

For part 3

Answer 44

So looks like you set something up wrong to begin with. In step 2, you should have already solved for t it seems.

Answer 45

I did t=-45.5

Answer 46

It seems to me that in step 3, you should be solving for \(r\) , not \(t\)

Answer 47

Where did you get the 0.03 from?

Answer 48

the percent interest rate.

Answer 49

It says to solve for the adjusted interest rate.

Answer 50

You might need to call your teacher for this.

Answer 51

The problem is you have values that I don't even know where you got them.

Answer 52

I just want to cry im so frustrated and I want to give up.

Answer 53

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

Current interest rate: 3%

Answer 54

@Mollyyy, just a suggestion...
When posting a question, post all of the relevant information. You shouldn't assume that you did anything right. The only thing you should do is post all of the information related to the problem and then post what you have done so far. The first thing you told me was that all you had to do was just solve the equation for t. Once we solved it for t, I immediately knew something was wrong. But the whole time I was thinking to myself, why does this user assume she has everything correct so far and why hasn't she posted all of the information necessary to solve the problem?

Answer 55

I understand now why you want to cry.

Answer 56

Well there's all the information. :(

Answer 57

Yeah, but only the information for step 3.

Answer 58

You still haven't answered my question about where you got the information for steps 1 and 2.

Answer 59

Trust me, at this point, you are better off getting help from your teacher.

Answer 60

:( okay thanks. and sorry for wasting all this time of yours for nothing.