A certain college graduate borrows 7752 dollars to buy a car. The lender charges interest at an annual rate of 15%. Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate k dollars per year, determine the payment rate that is required to pay off the loan in 2 years. Also determine how much interest is paid during the 2-year period. Round your answers to two decimal places. Payment rate= i Interest paid = i dollars per year dollars
A certain college graduate borrows 7752 dollars to buy a car. The lender charges interest at an annual rate of 15%. Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate k dollars per year, determine the payment rate that is required to pay off the loan in 2 years. Also determine how much interest is paid during the 2-year period. Round your answers to two decimal places. Payment rate= i Interest paid = i dollars per year dollars
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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