A couple took out a 5-year $30,000 loan to pay for for their wedding. After 5 years, the loan payments they had made to the bank amounted to $38,250. The interest rate on the loan, compounded continuously, is v %. If they had taken an 8-year loan instead of a 5-year loan, they would have paid approximately $ more. 1.27 49
A couple took out a 5-year $30,000 loan to pay for for their wedding. After 5 years, the loan payments they had made to the bank amounted to $38,250. The interest rate on the loan, compounded continuously, is v %. If they had taken an 8-year loan instead of a 5-year loan, they would have paid approximately $ more. 1.27 49
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 25E
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