Bob Rohrman is offering a 2017 Toyota Camry for $29,000. If you have a 7% down payment and are able to borrow the rest at a 2.99
1 answer:
Monthly installment payment is $597 .Total payments is $28,649
Step-by-step explanation:
Down payment = $29,000×7 ÷100= $2,030
Loan amount = $29,000 - 2,030 = $26,970
Interest rate = 2.99%
Repayment period = 48 months (4 years)
simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.
= 26,970 (1+0.0299) × 4) +p =$28,648.51
Monthly payment = $596.84 (or) $597 (rounded off)
Total payments is $28,649
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Given:
The value of home in 2011 is $95,000.
The value of home in 2018 is $105,000.
To find:
The exponential model for the value of the home.
Solution:
The general exponential model is
...(i)
where, a is initial value and b is growth factor.
Let 2011 is initial year and x be the number of years after 2011.
So, initial value of home is 95,000, i.e., a=95,000.
Put a=95000 in (i).
...(ii)
The value of home in 2018 is $105,000. It means the value of y is 105000 at x=7.
Taking 7th root on both sides, we get
Put in (ii).
Therefore, the required exponential model for the value of home is , where x is the number of years after 2011.