Borrowing money To pay for college, a student borrows $5000 interest-free from his father. If he pays his father back at the rate of $200 per month, how much will he still owe after 12 months?

Armorikam 2020-12-15 Answered
Borrowing money To pay for college, a student borrows $5000 interest-free from his father. If he pays his father back at the rate of $200 per month, how much will he still owe after 12 months?
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Expert Answer

toroztatG
Answered 2020-12-16 Author has 98 answers
Formula used:
The arithmetic sequence is a sequence of the form a,a+d,a+2d,,a+(n1)d, Where a is the first term, nth term =a+(n1) dand dis the common difference.
Calculation:
Here, the borrow amount is 5000.
Compute the first month balance to subtract borrow amount 5000 and pay back amount 200.
First month balance =5000200=4800
Compute the second month balance to subtract borrow amount 4800 and pay back amount 200.
Second month balance =4800200=4600
Compute the third month balance to subtract borrow amount 4600 and pay back amount 200.
Third month balance =4600200=4400
The monthly balance borrow amount form an arithmetic sequence 4800, 4600, 4400...
Compute the common difference by subtracting the any two consecutive terms.
d=46004800=200
The common difference is d=200.
Obtain the balance owe amount after 12 month by substituting a=4800,d=200 and n=12 in the nth term formula.
a12=4800+(121)(200)
=4800+11(200)
=48002200
=48002200=2600
Hence, after 12 month he owes $2600.
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Jeffrey Jordon
Answered 2021-11-04 Author has 2087 answers

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