Mathematics, 18.02.2020 05:29 adrian128383
A certain college graduate borrows 7277 dollars to buy a car. The lender charges interest at an annual rate of 11%. Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate k dollars per year.
1. Determine the payment rate that is required to pay off the loan in 5 years.
2. Also determine how much interest is paid during the 5-year period?
Answers: 2
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A certain college graduate borrows 7277 dollars to buy a car. The lender charges interest at an annu...
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