Question

Help ?

Answer 1

So they give you P, R, and N

R = Rate
N = Now many payments that year (in this case)
P = Starting Price

Do you see those 3 quantities to complete #1?

Answer 2

R=3%
N=$39,145
P=$39,145

Answer 3

For N, it's how it's compounded that year.

For example, if it's compounded quarterly, that's 4 times a year; which means N = 4.
Your problem says monthly, which is 12 times a year; making N = 12

Answer 4

Oh okay so fro number one I would put
R=3%
N=12
P=$39,145

Answer 5

Yep, so plugging those into the equation will get you number one (No t value was given, but that's no problem)

Answer 6

Okay one sec

Answer 7

like this? A(t)=39,145(1+3(12))

Answer 8

Yeah, just remember the exponent;

\[A(t) = $39,145(1+\frac{ .03 }{ 4 })^{4t}\]

Remember N was 4, not the example 12.

And 3% needed to be converted into a decimal

Answer 9

ohh okay hold on one sec

Answer 10

okay I did it could you help me with 2 and 3

Answer 11

Hmm, let's see...
Note: A(t) = Future Value

So number 2 asks how many months until you pay the car down to $10,000. So we just use the same equation from number 1 and set it equal to $10,000 (That's our future value)

Answer 12

A(t)=39,145(1+.03/4)^4t=10,000

like this?

Answer 13

Yep!

\[$10,000 = $39,145(1+\frac{ .03 }{ 4 })^{4t}\]

Now they want you to solve for t
This will be nasty lol, we'll need a calculator probably

Answer 14

;-; oh my lol
10,000=39,145(1+.03/4)^4t
what's the first step cx

Answer 15

I would first get that 39,145 to the other side. Since it's being multiplied, what should we do to both sides?

Answer 16

subtract 39,145?

Answer 17

We would divide both sides, since that's the opposite of multiplying. If it was being added, we would have subtracted since that is the opposite

Answer 18

my bad I didn't even think about that lmao

Answer 19

We can do that or first we can do the simple math inside those parenthesis

Answer 20

Then multiply that by $39,145

Answer 21

That seems easier

Answer 22

Okay c: sounds good to me

Answer 23

I hope this goes well, I hate this problem xD

\[(1 + \frac{ .03 }{ 4 }) = ?\]

Answer 24

1.0075 for the 1+.03/4

Answer 25

That's what I got. Let's now multiply

Answer 26

39292.5 ?

Answer 27

I got something slightly different; 39438.59

Answer 28

I multiplied 1.0075 by 39000

Answer 29

Ah, recalling: The cost of the car was $39,145

Answer 30

ohhh okay yeah my bad again ;-;

Answer 31

It's find xP

Answer 32

Yes you were right c:

Answer 33

\[10000 = (39438.59)^{4t}\]

So far this is what we have if you agree

Answer 34

okay c:

Answer 35

This is where I may not know where to go next >.<

There's a 4t in the exponent. Since there is a variable in the exponent, logs must be it. Did you learn about logs in class?

Answer 36

yes i'm learning it right now c:

Answer 37

Yeahhh, I never learned those actually. I think I had one day one class period back in highschool, but never again. I wouldn't want to steer you in the wrong direction with a bad answer

Answer 38

well I can see if someone knows what to do from here if you would like? c:

Answer 39

Yeah, that would be a safer bet

Answer 40

@MathMusician

Answer 41

@Ashleyisakitty