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| Math Central | Quandaries & Queries |
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I borrowed $6000. 00 from a friend to pay school fee. He said I should not pay back any interest but pay $350.00 monthly after graduation. (1) Make an equation from the above (2) make a graph (3) what is the relationship between the months after graduation and the loan? (4) what is the horizontal and vertical intercept relate to the problem? |
Hello Iona.
I can get you started on this problem. Think of time (the number of months after graduation) as the horizontal axis and debt (the loan balance) as the vertical axis. If M is the number of months and B is the balance owing then there are several things we can say in order to come up with the equation.
- When M = 0 (time of graduation), the balance owing is $6000.
- For every M, the balance goes down by $350.
So B starts at $6000, but you subtract $350 for every M. That means you subtract M times $350. So
B = 6000 - 350M.
Now graph this relationship. If it helps you sort things out, you can replace it with
y = -350x + 6000.
which is the same thing if y is the balance owing and x is the number of months since graduation.
Look at the graph carefully and you'll be able to answer parts (3) and (4).
Hope this helps,
Stephen La Rocque.
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