Concept explainers
To find:theactual time to return the loan amount and the amountof the last payment.
Answer to Problem 65E
Explanation of Solution
Given:
The borrow amount of diamond ring is
The down payment of diamond ring is
Calculation:
As borrow amount of diamond ring is
Therefore, the amount is to be paid
Now, create the table to show that the payment number and balance after payment:
Paymentnumber | Balance after payment | Paymentnumber | Balance after payment |
1 | 9 | ||
2 | 10 | ||
3 | 11 | ||
4 | 12 | ||
5 | 13 | ||
6 | 14 | ||
7 | 15 | ||
8 | 16 |
It is notice that the values become negative in the 16th line, therefore there are 16 payments (16 months).
The negative value means that the 16th payment was actually done.
Therefore, the amount of the last payment is
Hence, the actual time to return the loan is 16 months andamount of the last payment is
Chapter 8 Solutions
BIG IDEAS MATH Algebra 2: Common Core Student Edition 2015
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education