Need help solving exponential problem

  • Context: MHB 
  • Thread starter Thread starter arrow1
  • Start date Start date
  • Tags Tags
    Exponential
Click For Summary

Discussion Overview

The discussion centers around solving an exponential problem related to loan repayment, specifically involving a loan of $10,000 compounded monthly at an interest rate of 2.14 percent, with monthly payments of $230. Participants are exploring methods to find the time required to fully repay the loan.

Discussion Character

  • Homework-related
  • Mathematical reasoning

Main Points Raised

  • One participant presents an equation involving exponential terms and seeks guidance on solving it.
  • Another participant suggests using the Newton-Raphson method as a potential approach to approximate the solution.
  • A request is made for the full problem statement to provide more targeted assistance.
  • The complete problem is later shared, detailing the loan amount, interest rate, and monthly payment.

Areas of Agreement / Disagreement

Participants have not reached a consensus on the best method to solve the problem, and multiple approaches are being discussed without resolution.

Contextual Notes

The discussion lacks specific details on the assumptions underlying the mathematical model and the exact formulation of the exponential equation. There are also unresolved steps in the proposed methods.

arrow1
Messages
3
Reaction score
0
Hi,

I'm new to this forum so thank you in advance for any help on this problem. I would like to understand the steps needed to solve this problem. The answer is 3.94111..286 = (1.00178^(12 * t))/t or .286 = (e^.021341 * t)/t
 
Mathematics news on Phys.org
Re: need help solving exponential problem

Hi arrow, welcome to MHB!:)

In your question, I believe there's really no easy way(that I know of) to do it, but one can approximate its only solution by using the Newton-Raphson method, have you heard of this method before?
 
Re: need help solving exponential problem

Hi Anemone,

No, I'm not familiar with this method. I'll take a look. Thanks.
 
Re: need help solving exponential problem

arrow said:
Hi Anemone,

No, I'm not familiar with this method. I'll take a look. Thanks.

Oh okay...but would it be possible for you to restate the problem in its entirety here? We might be able to provide other useful advice to you if you post the full question for us first...
 
Re: need help solving exponential problem

The question was this. A person is taking out a loan of $10,000, compounded monthly, with an interest rate of 2.14 percent. She is making payments of $230 / mo. How long before the loan is repaid?
 
Last edited:

Similar threads

High School Exponential Growth: Modeling growth in months vs years
  • · Replies 3 ·
Replies
3
Views
4K
Undergrad Solving simultaneous vector equations
  • · Replies 11 ·
Replies
11
Views
3K
MHB Solve Situational Problems Involving Trigonometric Identities
  • · Replies 3 ·
Replies
3
Views
2K
MHB Manipulating quadratic and exponential expressions
  • · Replies 1 ·
Replies
1
Views
3K
MHB Stuck solving a complex equation for T
  • · Replies 7 ·
Replies
7
Views
3K
MHB Exponential Equation solve 54⋅2^(2x)=72^x⋅√0.5
  • · Replies 3 ·
Replies
3
Views
2K
High School Quick question regarding a problem with exponentials
  • · Replies 13 ·
Replies
13
Views
2K
Undergrad How do I do this calculation involving the SIN function?
  • · Replies 9 ·
Replies
9
Views
2K
Undergrad Solve Int. Eq.: Exponential Growth Diff. Eq.
  • · Replies 7 ·
Replies
7
Views
4K
Graduate Difficult to understand the solution provided in the video (travelling salesman problem)
  • · Replies 3 ·
Replies
3
Views
2K