Question

I need some quick help with an algebra II problem - nothing complicated, just using the interest formula. I do not want the answer - I want help understanding the process. Thank you!

Answer 1

@jim_thompson5910

Answer 2

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 \[A(t) = P \left[ \left( 1 + r/n \right)^{1/c} \right]^{cnt}\]
where c = 4. When solving for the adjusted interest rate, be sure to set it equal to 1 + r/n.

Answer 3

Here are my givens (sorry, forgot to post them first): 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.
Price: $39,145

Current interest rate: 3% (0.03)

Answer 4

@megangray32 @jigglypuff314 @amistre64 @EducateMe @xapproachesinfinity

Answer 5

Hi @xapproachesinfinity Can you help? :)

Answer 6

I'll go ahead and post what I have so far.

Answer 7

A(4) = [39,145(1 + 0.03/12)^12(4)^1/4]^(4)(12)(4) ??

Answer 8

@xapproachesinfinity Help? :(

Answer 9

In which case, do I need to set it equal to 1 + r/n?

(1 + 0.03/12) = [39,145(1 + 0.03/12)^12(4)^1/4]^(4)(12)(4)

Answer 10

1.0025 = [39,145(1 + 0.03/12)^1/4]^(4)(12)(4)
I had accidentally included ^nt instead of ^1/c. :)

Answer 11

@jim_thompson5910 @jbreezy622 @Firejay5

Answer 12

Hey @jbreezy622 ! Can you help?

Answer 13

@kohai

Answer 14

I need help with algebra myselflol

Answer 15

Oh, nooo! I'm hoping I'm on the right track with this. It's the last question on my assignment and I need to make sure I understand the concept before the test. @jbreezy622

Answer 16

@satellite73 Please help!!

Answer 17

@mancake1

Answer 18

@geerky42

Answer 19

@mary.rojas @meg_72 @justuu

Answer 20

@Krinkov

Answer 21

@satellite73

Answer 22

sorry,busy extremely
:(
good luck!

Answer 23

@Krinkov Can you help with this?

Answer 24

The "4 times a month" thing is throwing me off. Does that make n = 48, or t = 4, or...???

Answer 25

@Firejay5 Please help! I think I figured out that n needs to be 52, the number of weeks in a year.