Danielle took out a $34,000 student loan with a fixed interest rate to pay for college. Danielle did not make payments on her loan for a period of 6 years. After this time period interest had accrued, resulting in the loan balance increasing to $66,000. a. What is is the 6-year growth factor for the amount that Danielle owes on the loan? Preview b. What is the 6-year percent change for the amount that Danielle owes on the loan? Preview c. What is is the 1-year growth factor for the amount that Danielle owes on the loan? Preview d. What is the 1-year percent change for the amount that Danielle owes on the loan? Preview

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
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Danielle took out a $34,000 student loan with a fixed interest rate to pay for college. Danielle did not make payments
on her loan for a period of 6 years. After this time period interest had accrued, resulting in the loan balance increasing
to $66,000.
a. What is is the 6-year growth factor for the amount that Danielle owes on the loan?
Preview
b. What is the 6-year percent change for the amount that Danielle owes on the loan?
%
Preview
c. What is is the 1-year growth factor for the amount that Danielle owes on the loan?
Preview
d. What is the l-year percent change for the amount that Danielle owes on the loan?
Preview
Transcribed Image Text:Danielle took out a $34,000 student loan with a fixed interest rate to pay for college. Danielle did not make payments on her loan for a period of 6 years. After this time period interest had accrued, resulting in the loan balance increasing to $66,000. a. What is is the 6-year growth factor for the amount that Danielle owes on the loan? Preview b. What is the 6-year percent change for the amount that Danielle owes on the loan? % Preview c. What is is the 1-year growth factor for the amount that Danielle owes on the loan? Preview d. What is the l-year percent change for the amount that Danielle owes on the loan? Preview
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