Concept explainers
Loan problems The following initial value problems model the payoff of a loan. In each case, solve the initial value problem, for t ≥ 0, graph the solution, and determine the first month in which the loan balance is zero.
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Calculus: Early Transcendentals, 2nd Edition
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- Ions.pur 2: Minnie has put S15,000 into a savings account. She found a bank that offers a rate of 1% intere every month. What is Minnie's formula? fx) = 15,000(1.01F How much money will be in the account at the end of one year? Show the calculations that lead to your answer. Assuming Minnie never deposits or withdraws any money, approximately how long will it take for the account balance to double? Explain how you got your answer. 3: A house on a map is measured at inch. Our Zoom feature makes it 50%% bigger with cach click. With the exponential formula. 1.50arrow_forwardLondon owes $7, 000 on her credit card. The bank charges an annual interest rate of 16.8%, compounded monthly. If London wants to pay off her credit card using equal monthly payments over the next 18 months, what would the monthly payment be, to the nearest dollar? Pr M 1- (1+r)-" M = the monthly payment P = the amount owed r = the interest rate per month n = the number of paymentsarrow_forwardThe value of the account will be $ enter your response here. (Round to the nearest dollar as needed.)arrow_forward
- Solve for the activity no.4arrow_forwardA certain manufacturer of Blu-ray players will make x thousand units available in the market per week when the unit price is p = 100(0.9x + 0.51/ 1 + x) dollars. What is the producers' surplus if the selling price is set at $370/unit? (Round your answer to the nearest dollar.) $_________arrow_forwardQ. At time k=0, an initial investment of $1200 is made into a savings account that pays % interest compounded monthly. (The monthly interest rate is 0.0025.) Each month, after the initial investment, an additional $200 is added to the account. Let Y be the amount in the atcount at the end of k months. a. Write the difference equation satisfied by Yk Yk+1= b. The amount of money that will be in the account after 3 years is $ The amount of money that will be in the account after 4 years is $ The amount of money that will be in the account after 6 years is $ The amount of interest in the 6-year total is $ Yo=arrow_forward
- [A: 3] 2. What is the simple interest rate per annum if you incurred interest of $60 over 8 months if you borrowed $2500 from Credit Mart? [A: 3] 3. Zane earned $100 when placing $400 in his bank account after a certain number of years at an interest rate of 2.5% per year, earning simple interest. Determine [A: 3] how long his money was invested for.arrow_forwardIf you lend $5800 to a friend for 15 months at 4% annual simple interest, find the future value of the loan. Step 1 We want to find the future value of a loan in which you lend $5800 for 15 months at 4% annual simple interest. The future value of a loan is given by S = P + I, where P is the principal Since we are using simple interest, the interest, I, is given by I = Prt. In this problem, the principal is P = $ 5800 time is t = years. ✓ ✔ and I is the interest the interest rate as a decimal is r = C ✔ and the amount ofarrow_forwardPurchasing Power If a retired couple has a fixedincome of $60,000 per year, the purchasing powerof their income (adjusted value of the money) aftert years of 5% inflation is given by the equationP = 60,000e-0.05t. In how many years will thepurchasing power of their income fall below half oftheir current income?arrow_forward
- 6. Loan payments Let N(r) be the number of $300 monthly payments required to repay an $18,000 auto loan when the interest rate is r percent. What does the equation N(6.5) = 73 say in this context?arrow_forwardThe simple interest on an investment is directly proportional to the amount of the investment. By investing $5800 in a municipal bond, you obtained an interest payment of $221.25 after 1 year. Find a mathematical model that gives the interest I for this municipal bond after 1 year in terms of the amount invested P. (Round your answer to three decimal places.) I= 26.215P I=221.25P I= 0.038P I= 1,283,250P I=5800Parrow_forwardIf $1 dollar is deposited in an account paying 27% per year compounded annually, then after t years the account will contain y = (1 + 0.27) = 1.27 dollars. (a) Use a calculator to complete the table. (b) Graph 1.27'. (a) Use a calculator to complete the table. 1 2 4 5 6 y 1.27 1.61 3.3 4.2 (Round to two decimal places as needed.) Help me solve this View an example Get more help - R D G Harrow_forward
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage