A college atudent borrows $10,000 today at 10% interest compounded annually. For years later, the student makes the first repayment of $3000. Approximately how much money will the student still owe on the loan after the first payment?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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A college atudent borrows $10,000 today at 10% interest compounded annually. For years later, the student makes the first repayment of $3000. Approximately how much money will the student still owe on the loan after the first payment?
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