A friend loans you $5000 and you agree to pay it back over time. You agree...
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A friend loans you $5000 and you agree to pay it back over time. You agree to pay $250 every month until the loan is paid off. Your friend is nice and does not care about interest. A) Determine a function that describes the remaining amount in the loan as a function of x months since you starting paying it back. Write your answer in slope-intercept form. B) In your function, what number represents the slope? Explain what it means in practical terms. C) In your function, what number represents the vertical-intercept (y-intercept)? Explain what it means practically. D) Using your function, what is the horizontal-intercept (x-int)? What does it express in practical terms? A friend loans you $5000 and you agree to pay it back over time. You agree to pay $250 every month until the loan is paid off. Your friend is nice and does not care about interest. A) Determine a function that describes the remaining amount in the loan as a function of x months since you starting paying it back. Write your answer in slope-intercept form. B) In your function, what number represents the slope? Explain what it means in practical terms. C) In your function, what number represents the vertical-intercept (y-intercept)? Explain what it means practically. D) Using your function, what is the horizontal-intercept (x-int)? What does it express in practical terms?
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Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
Posted Date:
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