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July 7th, 2011, 09:09 PM  #1 
Newbie Joined: May 2011 Posts: 28 Thanks: 0  Loan outstanding to number of payments made
From the following sets of numbers derive an equation that relates the amount of a loan outstanding to the number of payments made: Loan outstanding 5000 / 4000 / 3000 / 2000 / 1000 / 0 Payments made 4 / 8 / 12 / 16 / 20 / 24 What is the best way to approach this? 
July 7th, 2011, 09:18 PM  #2 
Senior Member Joined: Jul 2010 From: St. Augustine, FL., U.S.A.'s oldest city Posts: 12,211 Thanks: 521 Math Focus: Calculus/ODEs  Re: Loan outstanding to number of payments made
One way is to use the pointslope formula since both quantities change linearly: Let O be the outstanding amount and n be the number of payments made: We can use the point (O,n) = (0,24) and the slope thus: 
July 7th, 2011, 09:46 PM  #3 
Newbie Joined: May 2011 Posts: 28 Thanks: 0  Re: Loan outstanding to number of payments made
Thanks, I am starting to work with slopes and rate of change now so that is very helpful!

July 7th, 2011, 09:50 PM  #4 
Senior Member Joined: Jul 2010 From: St. Augustine, FL., U.S.A.'s oldest city Posts: 12,211 Thanks: 521 Math Focus: Calculus/ODEs  Re: Loan outstanding to number of payments made
Cool! I was hoping that was why this question was given to you! 

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