Question

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

Answer 1

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)1c]^cnt where c = 4. When solving for the adjusted interest rate, be sure to set it equal to 1+r/n.

Answer 2

i have done number 1 and 2. need help on three.

Answer 3

My answers: 1.A(t)=39,145(1+0.03/12)^12t 2.-45.5

Answer 4

@iambatman

Answer 5

please, can someone help me!!! :(

Answer 6

any idea @wio?

Answer 7

@myininaya

Answer 8

PLEASE HELP ME!!!! IS THERE SOMEBODY OUT THERE THAT CAN HELP ME!!!!! REALLY REALLY NEED IT!!!!!!! :(

Answer 9

@DanJS

Answer 10

I have an idea of how to do it.

Answer 11

Though I don't understand your formula.

Answer 12

whats wrong with it?

Answer 13

I've never seen that formula before, and don't know where it comes from.

Answer 14

This site seems to talk about a similar problem:
https://prezi.com/olovfcq7zpwg/704-solving-exponential-equations-with-unequal-bases/

Answer 15

yea that were i get stuck at.
i saw this before, and i really didn't understand that ether

Answer 16

this is how i plugged in my problem:⦁ A(t)=39,145[(1+0.03/12^1/4)^4*12*t

Answer 17

i just don't know where to go from here.

Answer 18

Here is how you would solve for \(t\)\[
A(t)=P(1+r/n)^{nt} \\
A/P=(1+r/n)^{nt} \\
\ln(A/P) = nt\ln(1+r/n)\\
t = \frac{\ln(A/P)}{n\ln(1+r/n)}
\]

Answer 19

They give you \(A=10,000.00\)

Answer 20

And you know the rest of the variables, so plug them in to get \(t\).

Answer 21

i don' know what to do with the 1/4th.

Answer 22

Here is how you would solve for \(t\)\[
A(t)=P\left(\frac1c+\frac r{cn}\right)^{cnt} \\
A/P=\left(\frac1c+\frac r{cn}\right)^{cnt} \\
\ln(A/P) = cnt\ln\left(\frac1c+\frac r{cn}\right)\\
t = \frac{\ln(A/P)}{cn\ln\left(\frac1c+\frac r{cn}\right)}
\]

Answer 23

thanks!!!!! :)

Answer 24

@wio how did u put that in that format?

Answer 25

i would love to know how to do it :)