Search the internet and locate the sale price for the car

Assignment Help Mathematics

Reference no: EM13189642

Search the internet and locate the sale price for the car of your dreams.

For the purpose of this exercise, you can ignore sales tax.
Determine the annual interest rate for your loan using information from a local bank or an internet ad. Reduce this rate by 1%. This is r expressed as a decimal.
Decide the time, in years, you wish to repay the loan (typically, 3-7 years, half years are ok). This is t.
Determine the interest on your loan, using the formula:
interest = sale price*rate*time, (I = prt).
Determine the total cost of your loan, using the formula:
Total cost = (sale price*rate)time + Sale Price
Model the total cost as a linear function, with time as the independent variable:
F(t) = (pr)t + p.
Divide the total cost by the number of months, to determine the monthly payment.
Repeat steps 4 & 5 to determine the cost of the loan if the interest rate had not been reduced by 1% - how much money did you save?
Summarize your findings by writing a brief statement that includes the pertinent information from the steps above; rates, totals, savings, etc...

Reference no: EM13189642

Questions Cloud

What is the total cost of the departmental work in process : Department J had no work in process at the beginning of the period, 18,000 units were completed during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental ..

By what percentage would your real income increase : If your nominal income rose by 2.8 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approx) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in som..

Find the cost of producing an additional unit of a product : Which of the following was an outdated notion regarding open source software and has been shown to be inaccurate? a. Open source software is free and its code is available for anyone to look at and potentially modify.b. Open source software code can ..

Evaluate a financing alternative : If theTrust did agree to fund all costs except the $3 million bond proceeds now available, determine the equivalent annual amount that must be raised in years 4 through 6 to supply all remaining project funds. Assume the Trust will not charge any ..

Search the internet and locate the sale price for the car : Search the internet and locate the sale price for the car of your dreams.

Demonstrate the process with an example : Post your response to the following: In your own words, detail the process of polynomial division when the divisor is a monomial. Demonstrate the process with an example. How does this process change when the divisor is not a monomial?

Determine the value of bob coin collection : Then graph the equation and use the graph to determine the value of Bob's coin collection if it is 9 years old.

What are the marginal cost of the dominant firm : consider an industry with a dominant firm and several fringe firms. assumes that this is a free-entry industry. a dominant firm given by C(q)=800+20q+q^2. The fringe firms all have the same variable cost as the dominant firm, but doubled fixed cos..

What is the gross profit percentage : if the store purchases a product at a wholesale cost of 1.65 and it is sold at 2.20 what is the gross profit percentage.

User Account

All Pages