MONTHLY PAYMENTS 1.11. The situation – Buying a Car  You want to buy a car that costs $10,000 and are planning on putting $1,000 down. Pretend it’s a.

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Presentation transcript:

MONTHLY PAYMENTS 1.11

The situation – Buying a Car  You want to buy a car that costs $10,000 and are planning on putting $1,000 down. Pretend it’s a perfect world and you have 0% interest.  You plan on paying $250 per month  Create a recursive function to model how much you would owe after n months.

Answer the following  How much would you owe after…  1 month?  2 months?  6 months?  1 year?  Could you pay off the car in 36 months?  Find a closed form function for this situation

Now lets make it more real

Let’s use the equation

You can actually use your calculator

Refresher  Write a closed form function for the two tables below… XY∆ XY∆

Refresher  Write a recursive formula to find how much you owe after n months:  Car costs $15,000 and you have a $2,000 payment. Interest rate is 4.7% APR

Calculator Continued

To use the formula  Find how much is owed after 2 months  Type in b(2) and hit enter  On your own…  How much do you owe after… 4 months, 6 months, 2 years?  Can you pay the car off in 36 months?

On your own  Using your calculator…Car costs $15,000 and you have a $2,000 payment. Interest rate is 4.7% APR  How much do you owe after…  2 months  6 months  12 months  3 years?

Two additional equations…

Examples

For you to do…  Project p.82 – 83  For each situation ONLY fill out the table