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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

Financing a Ring Mike buys a ring for his fiancee by paying $ 30 a month for one year. If the interest rate is 10 % per year, compounded monthly, what is the price of the ring?

To determine

To find:

The price of the ring.

Explanation

Given:

Mike buys a ring for his fiancee by paying $30 a month for one year at the interest rate of 10% per year, compounded monthly.

Approach:

If the interest rate is I then, the interest i per time period is

i=Im

The total no. of installments n is

n=t×m

The price of the ring Ap is

Ap=R1(1+i)ni

R is the size of each payment,

t is the time-period in years and

m is the no. of period.

Calculation:

Substitute, the following in the equation given below,

I=10%m=12

i=Im=0.112

The payment, R are made monthly for 1year.

Substitute, 1 for t and 12 for m in the equation given below,

n=t×m=1×12=12

Substitute 30 for R, 0

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