SOLUTION: Is the compound interest formula—such as would be used to calculate a car loan—an example of a function? If yes, of what type of function is it an example? Why might you identify i
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Question 806630: Is the compound interest formula—such as would be used to calculate a car loan—an example of a function? If yes, of what type of function is it an example? Why might you identify it with that type of function?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Yes, it would be a function if you consider that a negative function value is nonsensical, hence it makes sense to restrict the range. The type of function is predicated on which of the several possible choices you make for the independent variable.
If you want to solve for 
it is an exponential function. If you want to solve for 
, except for very odd circumstances where 
, this would be a polynomial function. If you know the period interest rate, that is 
, then calculating 
is an exponential function also.
If you are solving for either A or P for a fixed period, rate, and number of compounding periods so that the exponential part becomes a constant, then you have a linear function.
John
Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it
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