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Given:
The graph of cost of taxi with respect to number of miles.
To find:
The formula for C in terms of n.
Solution:
In the given graph x axis represents the number of miles (n) and y-axis represents the cost of taxi (C).
From the given graph it is clear that, the line passes through the points (0,3) and (5,6). So, the equation of line is
Adding 3 on both sides, we get
Putting y=C and x=n, we get
Therefore, the required formula is .
Johnson's will pay by the end of the 20-year loan $326,807.25
Johnson's will pay by the end of the 30-year loan $512,109.68
Step-by-step explanation:
The formula for compound interest, including principal sum is
, where:
- A is the future value of the investment/loan, including interest
- P is the principal investment amount (the initial deposit or loan amount)
- r is the annual interest rate (decimal)
- n is the number of times that interest is compounded per unit t
- t is the time the money is invested or borrowed for
The Johnson's are buying their first home. They are contemplating
two similar loans
The first is a 30-year loan for $150,000 at an interest rate of 4.1% APT
compounded monthly
∴ P = $150,000
∴ r = 4.1% = (4.1/100) = 0.041
∴ n = 12 ⇒ compounded monthly
∴ t = 30
- Substitute all of these values in the formula above
∴
∴ A = $512,109.68
Johnson's will pay by the end of the 30-year loan $512,109.68
The second is a 20-year loan for a $150,000 at an interest rate of 3.9%
APR compounded monthly
∴ P = $150,000
∴ r = 3.9% = (3.9/100) = 0.039
∴ n = 12 ⇒ compounded monthly
∴ t = 20
- Substitute all of these values in the formula above
∴
∴ A = $326,807.25
Johnson's will pay by the end of the 20-year loan $326,807.25
Learn more:
You can learn more about interest in brainly.com/question/12773544
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