Vehicle: Chevy Volt
Price: $39,145
Current interest rate: 3%
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.

Question

Vehicle: Chevy Volt
Price: $39,145
Current interest rate: 3%
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.

phi · Answer

Current interest rate: 3% 
write 3%  as  3/100  or as 0.03
r= 0.03
n is 12  (12 months in a year)
r/n  is 0.03/12 = 0.0025

can you finish ?