Business-related mathematics - Question 4a. VCAA 2011.

[Will T]

http://www.vcaa.vic.edu.au/Documents/exams/mathematics/2011furmath2-w.pdf (page 27)

I've only just started looking at Business-related mathematics an hour or so ago, and I was trying this question and what I did was I set up a difference equation and solved it (as it was a first-order difference equation) for the nth term.  I defined g(x) to be the nth term on my CAS and I then solved this for 0 to get 300.57368833, but I had to subtract 1 because my first term g(1) was the principal amount. So my answer rounded to 300 months.

This is the same answer as VCAA had, but there must be an easier way of doing these reduced balance loan type of questions? Thanks in advance.

[Stick]

You can just use your finance solver, you know:

N = ?
I% = 7.62
PV = 265000
PMT = -1980
FV = 0
P/Y = 12
C/Y = 12

Nice and simple.

[Will T]

You can just use your finance solver, you know:

N = ?
I% = 7.62
PV = 265000
PMT = -1980
FV = 0
P/Y = 12
C/Y = 12

Nice and simple.

I'm not quite sure I understand what each of those variables mean. Is this mentioned in the Essentials Textbook? If so what page because I haven't been able to find it so far.

[Stick]

Surely you would have learnt how to use the finance solver...? :S I am getting the impression you have not even learnt this module. Why are you attempting to learn it?

[Will T]

Surely you would have learnt how to use the finance solver...? :S I am getting the impression you have not even learnt this module. Why are you attempting to learn it?

No I didn't do Business-related mathematics in school. Did you? I wanted to check it out (out of pure interest) + I'm thinking about doing all 6 modules on exam 2. So once again, where are you getting this 'financial solver' stuff from?

[Stick]

Yes, I did Business-related mathematics at school. I don't have the Essentials textbook so I wouldn't be sure, but you will want to learn how to use your solver if you do attempt it. There's also a lot of theoretical concepts which need to be grasped as well (check out Question 9 from the multiple choice exam to see what I mean).

[brenden]

I'm assuming you have a CAS
'Menu'
'Financial'
'Compound interest'

[Conic]

Exercise 21F of the Essentials textbook is on this.

[BubbleWrapMan]

I'm thinking about doing all 6 modules on exam 2.

Why?

[Will T]

Yes, I did Business-related mathematics at school. I don't have the Essentials textbook so I wouldn't be sure, but you will want to learn how to use your solver if you do attempt it. There's also a lot of theoretical concepts which need to be grasped as well (check out Question 9 from the multiple choice exam to see what I mean).

Question 9. Wasn't too bad. Although I do see exactly what you mean. But to be honest I kind of was expecting something like that. Nowhere near as bad as Networks Question 9.

[Will T]

I'm thinking about doing all 6 modules on exam 2.

Why?

For the lolz + If you think about it could maximise your score. I'm someone who's prone to making the most careless errors. So if I did say 4 modules and perhaps I stuffed up one question on one of them, then it would be covered because they give you your top 3. Plus you always have heaps of time at the end of Further exams. I finished Exam 1 in 35 minutes.

[BubbleWrapMan]

Instead of doing all of the modules just take your time on three of them. Besides, they have to mark the core so you don't have a backup for that.

[Will T]

Instead of doing all of the modules just take your time on three of them. Besides, they have to mark the core so you don't have a backup for that.

We will see, but, people are different. I often don't read the whole question and just assume what it's asking. For example, Question 7. of the Networks module on Exam 1, I didn't actually look to see where the source was, I assumed it was the most left vertex (which it wasn't) and that the terminal was the most right vertex (which it was) and I proceeded to evaluate the cuts accordingly. I know you could claim that's quite short-sighted of me, but as I said people have different ways of going about questions.
As for Core, hopefully it will go favourably for me.

[brenden]

Instead of doing all of the modules just take your time on three of them. Besides, they have to mark the core so you don't have a backup for that.

We will see, but, people are different. I often don't read the whole question and just assume what it's asking. For example, Question 7. of the Networks module on Exam 1, I didn't actually look to see where the source was, I assumed it was the most left vertex (which it wasn't) and that the terminal was the most right vertex (which it was) and I proceeded to evaluate the cuts accordingly. I know you could claim that's quite short-sighted of me, but as I said people have different ways of going about questions.
As for Core, hopefully it will go favourably for me.

Well, I agree with the others but, if you wanna do it you do it. You need help, let me know.

[Lucid]

Surely you would have learnt how to use the finance solver...? :S I am getting the impression you have not even learnt this module. Why are you attempting to learn it?

No I didn't do Business-related mathematics in school. Did you? I wanted to check it out (out of pure interest) + I'm thinking about doing all 6 modules on exam 2. So once again, where are you getting this 'financial solver' stuff from?

Out of curiosity, why waste time doing 6 modules when they mark only three (probably the first three)?