*MEDAL & FAN* Can someone please walk me through this ? There are a few questions that go together. (Below)

Question

anonymous · Answer

attachment

anonymous · Answer

1.	First, find the vehicle you are purchasing and its price.
Vehicle: Chevy Volt 
Price: $39,145
2.	You will take out a loan to cover the cost of your purchase. Find the current interest rate of an auto loan. Interest rates on car loans tend to be monthly.
Current interest rate: 3%

anonymous · Answer

@campbell_st would you be able to help?

anonymous · Answer

A(t) = 39,145(1+ 0.03/12)^(12t) I believe this would be my equation?

campbell_st · Answer

that makes sense to me, I assume the interest is monthly

so for 6. let t = 5 and then calculate the value

campbell_st · Answer

7. let A(t) = 100 000 and then solve for t, you will need logs for that.

campbell_st · Answer

part 8 is use the original information, to adjust for 4 periods per month

do by my understanding  the 1 + 0.03/12   should go to 1 + 0.03/48

campbell_st · Answer

hope it helps

anonymous · Answer

How do I find how much I will owe the bank in 5 years by using this equation?

anonymous · Answer

My answer times 5? @campbell_st

campbell_st · Answer

you need 

$$A(5) = 39145 \times (1 + \frac{0.03}{12})^{5 \times 12}$$