Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
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Question

Studying for my final and not sure if I am understanding this right

A student borrows $10 000 at an interest rate of 4% per annum, compounded monthly. a) If the student pays the loan off in 10 years, how much does the student pay in interest? # of compounding periods/year=12 total # of compounding periods = 12 x 10 = 120 Interest rate/compounding period = 4/12 = 33 Formula = 10,000 (1.0033) ^ 120 = 14849 = $4,849 in interest was paid in interest b) If the entire loan costs the student $20 000 to pay back, how many years was the loan for? ANON 20 000 = 10,000 (1.0033) 10 000 10,000 N=210.4 = 17.54 years. 2 = (1.0033) ^ Non log 2 = Log|1.0033N 10g 220110g (1.303 21 log 12 Log 1.0033 9
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Transcribed Image Text:A student borrows $10 000 at an interest rate of 4% per annum, compounded monthly. a) If the student pays the loan off in 10 years, how much does the student pay in interest? # of compounding periods/year=12 total # of compounding periods = 12 x 10 = 120 Interest rate/compounding period = 4/12 = 33 Formula = 10,000 (1.0033) ^ 120 = 14849 = $4,849 in interest was paid in interest b) If the entire loan costs the student $20 000 to pay back, how many years was the loan for? ANON 20 000 = 10,000 (1.0033) 10 000 10,000 N=210.4 = 17.54 years. 2 = (1.0033) ^ Non log 2 = Log|1.0033N 10g 220110g (1.303 21 log 12 Log 1.0033 9
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