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Arithmetic progression. find p.

  1. Oct 19, 2015 #1
    1. The problem statement, all variables and given/known data
    johns father gave him a loan of $1080 to buy a car. the loan was to repaid in 12 monthly installments starting with an intial payment of $p in the 1st month. there is no interest charged on the loan but the installments increase by $60/month. a) show that p = 570 and find in terms of n where 1 is greater than or equal to n where it is greater than or equal to 12 an expression for the remaining debt on the loan after john has made the nth instalment.

    2. Relevant equations

    the nth term of the AP. tn = a +(n-1)d. the sum formula Sn= n/2[2a+(n-1)d]
    3. The attempt at a solution
    I tried using the tn formula using the common difference of 60 to find p but that didn't work.
     
  2. jcsd
  3. Oct 19, 2015 #2

    SteamKing

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    Are you sure these figures are correct?

    If the initial payment is $570, then the loan is paid off in about 2 months, give or take.
     
  4. Oct 19, 2015 #3

    HallsofIvy

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    I suspect the total price was to be $10800, not $1080.
     
  5. Oct 20, 2015 #4
    yes it is $10800
     
  6. Oct 20, 2015 #5

    SteamKing

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    What does "that didn't work" mean exactly? Did you try this formula with a = $570, d = $60, and n = 12?
     
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