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I finished the chart, but I have no idea what the equation would look like for this. I need to know how the total changes
I finished the chart, but I have no idea what the equation would look like for this. I need to know how the total changes from month to month in an equation format. Thank you!
Month 1 2 3 4 5 6 7 8 9 10 11 12 Balance at the beginning of the month 100 102.5 105.0625 107.6891 110.3813 113.1408 115.9693 118.8686 121.8403 124.8863 128.0085 131.2087 Interest 2.50 2.5625 2.626562! 2.6922 2.7595 2.8285 2.8992 2.9717 3.0460 3.1222 3.2002 3.2802 Borrowing $100 from a friend Balance at the end of the month 102.5 105.0625 107.6891 110.3813 113.1408. 115.9693 118.8686 121.8403 124.8863 128.0085 131.2087 134.4889 We change one detail in the example: you still borrow $100 from your friend; your friend still charges you 30% in interest per year. Now your friend wants to calculate the interest and add it to what you owe at the end of each MONTH (instead of at the end of each year). (a) There are 12 months in a year. Determine the MONTHLY interest rate and enter it below. (b) Use the monthly interest rate you found in (a) to complete the table on the left. (Use your calculator.) (c) Look for a pattern. In words below, describe how to get from an entry in the last column to the entry directly below it. Then use this pattern to guess the total amount you owe at the end of the thirteenth month. (Hint: look at your rough work to find the pattern; keep more than two decimal places in your calculations.) You will use this pattern again later. The equation now looks likeStep by Step Solution
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