Linear program (financial type)  TOPIC_SOLVED

Quadratic equations and inequalities, variation equations, function notation, systems of equations, etc.

Linear program (financial type)

Postby chessenthusiast on Sun May 12, 2013 4:22 am

That's my question right there. Any help would be appreciated.
Posts: 1
Joined: Sun May 12, 2013 4:20 am



Re: Linear program (financial type)

Postby stapel_eliz on Mon May 13, 2013 12:20 pm

chessenthusiast wrote:

That's my question right there. Any help would be appreciated.

To other users: The text in the image is as follows:

Problem 3 You are a chartered financial analyst. Madonna has come to you because she needs help paying off her credit-card bills. She owes the amounts on her credit cards shown in the Table below. Madonna is willing to allocate up to $5,000 per month to pay off these credit cards. All cards must be paid off within 36 months. Madonna's goal is to minimize the total of all her payments. To solve this problem, you must understand how interest on a loan works. To illustrate, suppose Madonna pays $5,000 on Saks during month 1. Then her Saks balance at the beginning of month 2 is:

. . . . .

This follows because during month 1 Madonna incurs 0.0005 x 20,000 in interest charges on her Saks card. Madonna would also like to know what's the shortest time to pay off all debts. Help Madonna solve her problems using Linear Programming.

Code: Select all
Card  | Balance($) | Rate(%)
Saks  |   20,000   |  0.5
Bloom |   50,000   |   1
Macys |   40,000   |  1.5
User avatar
Posts: 1729
Joined: Mon Dec 08, 2008 4:22 pm

Re: Linear program (financial type)  TOPIC_SOLVED

Postby maggiemagnet on Mon May 13, 2013 12:51 pm

You've already been given an answer elsewhere, such as here. Are you still stuck?
User avatar
Posts: 305
Joined: Mon Dec 08, 2008 12:32 am

Return to Intermediate Algebra