Question

I have a Consumer Math/Algebra Question, if anyone can help me I'll fan and medal! I'll post it below

Answer 1

This is what I have so far, but I'm not sure if i am doing it right.

Answer 2

@amistre64 @ganeshie8

Answer 3

part 2 feels off to me.

Answer 4

it looks like you used an APY when calculating a formula that uses that APR

Answer 5

we would expect that at a given apy and apr

500(1+apy) = 500(1+apr/n)^n

or simply:

1 + apy = (1+apr/n)^n

the apr has to do with the compounding interest rate; while the apy is an expected yeild

Answer 6

part 3 doesnt seem right either.

the function should represent total number of payments for the year; +50

or, monthly payment, plus 50/12

Answer 7

Okay so for question 2 i need to use that formula? 1 + apy = (1+apr/n)^n

Answer 8

@amistre64

Answer 9

i cant say for sure what 2 needs, ive never been good at wordy questions. but as is i think your approach is off and that we would need to convert the apy to apr in order to adress it correctly

Answer 10

how often the account calculates itself would be useful to determine the value of n. if its quarterly n=4, it is monthly n=12, if its twice a year n=2 etc ....

Answer 11

but yes, finding the apr:

1 + apy = (1+apr/n)^n

nrt (1+apy) = 1+apr/n

nrt (1+apy) - 1 = apr/n

n [nrt (1+apy) - 1] = apr

Answer 12

Thanks for your help