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anonymous
 5 years ago
You borrowed $5,000 from your parents to purchase a used car. You have agreed to make payments of $250 per month plus an additional 1% interest on the unpaid balance of the loan.
a. Is this problem an example of a geometric series or an arithmetic series? Support your answer mathematically by applying the concepts from this unit.
b. Find the first year’s monthly payments that you will make and the unpaid balance after each month.
c. Find the total amount of interest paid over the term of the loan.
anonymous
 5 years ago
You borrowed $5,000 from your parents to purchase a used car. You have agreed to make payments of $250 per month plus an additional 1% interest on the unpaid balance of the loan. a. Is this problem an example of a geometric series or an arithmetic series? Support your answer mathematically by applying the concepts from this unit. b. Find the first year’s monthly payments that you will make and the unpaid balance after each month. c. Find the total amount of interest paid over the term of the loan.

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amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0Does that mean that the 1% is compounded monthly?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0That's kinda what it sounds like to me....

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0first payment of 250 + 5000(.01) = 300; remaining balance of 4750?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0So 300 a month? I can figure the different left over balances after each month I think. How would I find the total amoun of interest paid just add up the percentages until I reach zero for my payments?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0thats the long way to do it :) set up payment coupons of 250 + unpaid(.1)...but I think this is just a loan that is compounded monthly, just not too sure :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.05000/250 would be the number of times needed to pay the principal off

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0oh ok so it would take 20 payments?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0at 20 payments the principal is gone :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.05000(.01) + (5000250)(.01) + (5000  500)(.01).... for 20 times

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0(5000  n(250))(.01)? does that sound right?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Ok so this is sorta making sense.... when you say for 20 times do I multiply all of that by 20?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0lol.... I wish I knew fer sure :) We know it takes 20 payments to pay that loan off; and each payment made subtracts 250 from the principal..

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0so there is a relation here that happens 20 times....

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0im glad one of us does :)

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0lol well I think I do anyways sorta ha ha

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0first iteration is: (5000  0(250))(.01) = interest paid second iteration: (5000  1(250))(.01) = interest paid third iteration: (5000  2(250))(.01) = interset paid .....

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0oh ok I was trying to but 20 in for n and was getting 0 which I knew wasn't right

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0lets clean this up: x = 5000 ; m=250 ; t = .01 xt  mt(n1) = interest paid in any given iteration...how do we add these all up?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0so the first interest paid is 50 second interest paid is 47.50 third interest paid is 45

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0hold on here we are trying to find the answer to question c right

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0good, good..... theres an answer to find? :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0yes..c = total interest paid

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0if we can determine how much interest is paid for any given number of months, we will know the answer to "b"

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0ohhh ok so I have to find the interest paid for 12 months

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0yes.... and there is an equation you can use, just trying to figure it out :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0(xt  mt(0)) + (xt  mt(1)) + (xt  mt(2)) + (xt  mt(3))... xt  mt(0) + xt  mt(1) + xt  mt(2) + xt  mt(3).... what can we factor out of these?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0xt (mt(0) mt(1)  mt(2)  mt(3) mt(4))...

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0oh gosh I'm terrible at factoring

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0xt (mt (n1)) looks to be it; for any given number of months... x = 5000 ; m=250 ; t = .01 50 (2.5 (n1)) sounds right

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0not quite there.... at n=1 we get 0 for interest....

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0whats the total interest we know for the first 3?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0142.50 is the first 3 months of interest: 50 (2.5 (31)) = 250 .... so it aint right yet :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0xt  mt(0) + xt  mt(1) + xt  mt(2) + xt  mt(3).... xt(1  mt(n1) + 1 mt(n1) + 1  mt(n1))...

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0100 (1  250(n1)) when n=3 nope.... i guess we need someone smarter than me :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.02.5(21n) will give you the amount of interest paid on a certain iteration..... so far, now just need to integrate that with respect to n ...maybe :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0<html> <body> number of iterations: <input id="inp1"><br><br> <input type = button value ="Calculate Total interest" onClick="qwe()"><br><br> <input id="inp2" value="total"><br><br> Amount of interest this payment:<input id="inp3"> </body> <script language=javascript> var j, i=0, t=0, x,c function qwe() { x = document.getElementById("inp1").value x=x*1 for (j=1;j<x+1;j=j+1) { i=2.5*(21j) t=t+i } document.getElementById("inp2").value=t document.getElementById("inp3").value=i t=0 } </script> </html> Thatll do it :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0c) is $525 of interest is paid at the end of the loan (20 months). b): jan: 250+ 50 = 300 ; 4750 feb: 250+47.50 = 297.50 ; 4500 mar: 250+45 = 295 ; 4250 apr: 250+42.50 = 292.50 ; 4000 may: 250+40 = 290 ; 3750 jun: 250+37.50 = 287.50 ; 3500 jul: 250+35 = 285 ; 3250 aug: 250+32.50 = 282.50 ;3000 sep :250+30 = 280 ; 2750 nov: 250+27.50 = 277.50 ;2500 dec: 250+25 =275 ; 2250

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0a) id guess arithmetical series....

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0missing october in part b.... If it's arithmetic though I think I just do Oct:250+27.50 = 277.50 ;2500 Nov:250+25 =275 ; 2250 Dec:250+22.50=272.5; 2000
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