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The L-Mart Corporation is opening stores in a new territory. The Marketing Division has provided an equation for projected revenue for the next five years for the area, as shown below. The equation is based on a computer prediction using statistics from the area and past experiences.

R = 35y 閳?17y2 + 15y3 閳?2y4

Where R is the projected revenue of the area in $1000 and y is the years from the opening of the new territory, from y = 0 to y = 5

What does the equation predict the revenue from the area will be at the end of each of the first five years?

What might happen if you were to try to use this equation to predict the revenue for the 7th year?

You agree to sell your parents car to someone for $2600, and allow them to finance it by paying 1% per month interest on the unpaid balance. You would like to amortize the loan in 24 months (finish receiving payment with 24 equal monthly payments). Use the formula below to determine the monthly payment you should ask for.

R = P * ____I_____

[1 + I]-n)

where R is the monthly payment,

P is the loan amount ($2600),

N is the number of payments(periods) (24 payments), and

I is the periodic interest rate.(.01 per month)

Suppose you are considering the purchase of a new car. One dealership offers to finance a $12,000 car at 12% interest (1% a monthly interest) for 48 months ( no down payment). Another dealership offers to finance a similar car costing $13,000 at 10.5% interest (.875% monthly interest) for 60 months (no down payment).

Use the formula of the previous exercise to determine what the monthly payment would be for each of these offers. Be sure to use the monthly values for the interest and the number of payments.

What is the total of all the payments for each of the offers?

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