You are going to purchase a new car, but being a responsible consumer means doing a little bit of research first.
First, you find the vehicle you are purchasing and its price.
Vehicle: Chevy Volt
Price: $39,145
Vehicle: Chevy Volt
Price: $39,145
Current interest rate: 3%
- Using the function A(t)=P(1+
r n - 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.
- Lastly, you decide to keep track of your loan four times a month instead of monthly. Solve for the adjusted interest rate.
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