Elbert Frank Cox Was The First Black Person To Receive A PhD In Mathematics In The United States And In The World. Once He Got His Degree, He Borrowed $\$12,000$ To Buy A Car. He Borrows The Money At A Yearly Interest Rate Of $4.2\%$.
**Elbert Frank Cox: A Pioneer in Mathematics and Financial Literacy**
Elbert Frank Cox was a trailblazer in the field of mathematics, becoming the first Black person to receive a PhD in mathematics in the United States and in the world. His achievements not only paved the way for future generations of mathematicians but also serve as a testament to his hard work and dedication. In this article, we will delve into the life of Elbert Frank Cox and explore a real-world scenario involving financial literacy, using the context of his PhD and a car loan.
Elbert Frank Cox was born on August 2, 1895, in Evansville, Indiana. He showed a keen interest in mathematics from an early age and went on to pursue his passion at the University of Indiana, where he earned his Bachelor's degree in 1916. Cox then moved to the University of Chicago, where he earned his Master's degree in 1917. He continued his academic journey at the University of Chicago, where he earned his PhD in 1925, becoming the first Black person to receive a PhD in mathematics in the United States and in the world.
Now, let's consider a real-world scenario involving Elbert Frank Cox's PhD and a car loan. Suppose Elbert Frank Cox borrowed to buy a car after receiving his PhD. He borrowed the money at a yearly interest rate of . In this scenario, we will explore how the interest rate affects the total amount Elbert Frank Cox needs to repay.
Q: What is the total amount Elbert Frank Cox needs to repay if he borrows at a yearly interest rate of ?
A: To calculate the total amount Elbert Frank Cox needs to repay, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
- A = total amount
- P = principal amount ($12,000)
- r = yearly interest rate (4.2% = 0.042)
- n = number of times interest is compounded per year (assuming annual compounding)
- t = time in years (assuming 1 year)
Plugging in the values, we get:
A = 12000(1 + 0.042/1)^(1*1) A ≈ 12493.20
So, Elbert Frank Cox needs to repay approximately .
Q: How does the interest rate affect the total amount Elbert Frank Cox needs to repay?
A: The interest rate has a significant impact on the total amount Elbert Frank Cox needs to repay. In this scenario, a higher interest rate would result in a higher total amount. For example, if the interest rate were 5%, the total amount would be approximately . This highlights the importance of considering interest rates when borrowing money.
Q: What can Elbert Frank Cox do to minimize the impact of interest rates on his car loan?
A: There are several strategies Elbert Frank Cox can use to minimize the impact of interest rates on his car loan:
- Pay off the loan quickly: By paying off the loan quickly, Elbert Frank Cox can reduce the amount of interest he needs to pay.
- Make extra payments: Making extra payments can help reduce the principal amount and lower the interest owed.
- Consider a lower interest rate: If possible, Elbert Frank Cox can consider refinancing his car loan to a lower interest rate.
- Use a financial calculator: A financial calculator can help Elbert Frank Cox visualize the impact of interest rates on his car loan and make informed decisions.
Elbert Frank Cox's story serves as a testament to his hard work and dedication to mathematics. The real-world scenario involving his PhD and a car loan highlights the importance of financial literacy and the impact of interest rates on borrowing money. By understanding the concepts of compound interest and the strategies for minimizing interest rates, individuals can make informed decisions when borrowing money and achieve their financial goals.
For those interested in learning more about Elbert Frank Cox and financial literacy, here are some additional resources:
- Biography of Elbert Frank Cox: A brief biography of Elbert Frank Cox, highlighting his achievements and contributions to mathematics.
- Financial Literacy Resources: A list of resources for learning about financial literacy, including books, articles, and online courses.
- Compound Interest Calculator: A financial calculator for calculating compound interest and exploring the impact of interest rates on borrowing money.
By exploring the life of Elbert Frank Cox and the concepts of financial literacy, individuals can gain a deeper understanding of the importance of mathematics and make informed decisions when borrowing money.