Kelly paid off his student loan in 3 years by making payments of $650 at the beginning of every month. The interest rate on his loan was 6.70% compounded monthly. a. Calculate the size of the original loan. Round to the nearest cent b. Calculate the amount of interest paid on the loan. Round to the nearest cent

Kelly paid off his student loan in 3 years by making payments of $650 at the beginning of every month. The interest rate on his loan was 6.70% compounded monthly. a. Calculate the size of the original loan. Round to the nearest cent b. Calculate the amount of interest paid on the loan. Round to the nearest cent

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter1: Equations, Inequalities, And Mathematical Modeling

Section1.3: Modeling With Linear Equations

Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...

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