You want to buy a $24,000 car. You can make a 10% down payment, and will finance the balance with a 5% interest rate for 36 mont
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Answer:
The function to determine the value of your car (in dollars) in terms of the number of years t since 2012 is:
Step-by-step explanation:
Value of the car:
Constant rate of change, so the value of the car in t years after 2012 is given by:
In which f(0) is the initial value and r is the decay rate, as a decimal.
In 2012 your car was worth $10,000.
This means that , thus:
2014 your car was worth $8,850.
2014 - 2012 = 2, so:
We use this to find 1 - r.
Thus