Question

HELP PLEASE! I GIVE MEDALS! NEED HELP ASAP

You have decided to purchase a new 2014 Mini Cooper Roadster for your birthday!

The price of the roadster is $30,822 and the current interest rate is 4%. You will take out a loan to cover the cost of your purchase and will not be making a down payment.


1. Using the function A(t)=P(1+r)^t, create a function that represents your new car loan. The principle, P, will be the price of the vehicle.

2. Using the function you created in #1, determine how much money you will pay for the car if you take out a 5-year loan. Please show all work in solving this question.

Answer 1

Can anyone please help im so lost on this!

Answer 2

@mathstudent55 can you help?

Answer 3

@anwaarullah i noticed that you were looking at this... do you know how to do it?

Answer 4

yea sure but i have some net problem let seee

Answer 5

awesome!

Answer 6

A(t)=P(1+r)^t \[ 30882(1+r)t\]\[30882(1.04)^5\]

Answer 7

can you do calculation now, actually i dnt have calculater

Answer 8

yeah give me a sec

Answer 9

when i worked that out i got 37572.7

Answer 10

you sure \[(1.04)^5= ? what\]

Answer 11

1.21

Answer 12

right?

Answer 13

yeah you are right

Answer 14

Okay so then would i multiply 1.21 by 30882?

Answer 15

37573 is answer round oof

Answer 16

yeah

Answer 17

you have 30,822 and interest is 4% so for 1 year you have to pay 4% interest +principle,,,like 30822*.04=1233 and goes on

Answer 18

im still not ting the same answer as you in my work... Im getting 37367.22

Answer 19

anyhow your question is done

Answer 20

OHHH now i get it!

Answer 21

Youre great thanks so much

Answer 22

welcom anytime lol