The person has an old outstanding debt on which he pays 5% of his total income. This 5% of his income with which he pays is for interest on the outstanding debt which is calculated at the rate of 7.5%.paulmdrdo said:Homework Statement
Homework Equations
I can't start because I did not understand the statement in red underline. Please explain to me first. Then I may be able to solve it. Sorry english is not my first language. Hope you would understand. Thank you!
The Attempt at a Solution
Since the problem asks for the amount of the outstanding debt, knowing the interest which accrues on that debt is essential to calculating that figure.epenguin said:
To set up an algebraic equation for paying down a debt, you need to first identify the variables involved. Usually, this includes the initial amount owed, the interest rate, the monthly payment, and the number of months. Then, you can use the formula A = P(1 + r/n)^(nt) to calculate the total amount owed after t months, where A is the final amount, P is the initial amount, r is the interest rate, n is the number of times the interest is compounded per year, and t is the number of years.
To solve for the unknown variable in an algebraic word problem, you can use algebraic manipulation and basic arithmetic operations to isolate the variable on one side of the equation. Remember to follow the order of operations and to perform the same operation on both sides of the equation to maintain balance.
Yes, substitution can be a useful method for solving an algebraic word problem. This involves replacing a variable with an equivalent expression and then solving the resulting equation. It is particularly helpful when there are multiple equations and variables involved.
To check if your solution to an algebraic word problem is correct, you can plug in the values of the variables into the original equation and see if it satisfies the equation. You can also use a graphing calculator to graph the equation and see if your solution lies on the graph.
Yes, there are a few common mistakes to avoid when solving algebraic word problems. These include incorrectly setting up the equation, making errors in algebraic manipulation, and forgetting to consider all the given information in the problem. It is important to carefully read and understand the problem before attempting to solve it.