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selena took out an 8,000 loan with interest that compounds continuously after 6 years she accrued $2292.77 in interest what eas the interest rate on selena's loan​

User Yogiben
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1 Answer

6 votes

Answer:

Explanation:

To calculate the interest rate on Selena's debt, we may utilize the formula for continuous compounding of interest. A = P * e is the formula (rt)

Where:

A = the total amount (including interest)

P denotes the original principal (loan amount)

r denotes the interest rate (as a decimal)

t = time (in years)

We know Selena's total (A) is 8,000 + 2,292.77 = 10,292.77.

8,000 is the initial primary (P).

6 years have passed.

The interest (I) is calculated as A-P = 2,292.77.

We may use the formula for continuous compounding of interest to compute the interest rate on Selena's debt. The formula (rt) is A = P * e.

A denotes the whole sum (including interest)

P stands for the original principle (loan amount)

r represents the interest rate (as a decimal)

t = time (in years)

Selena's total (A) is 8,000 plus 2,292.77 = 10,292.77.

The initial primary is 8,000. (P).

6 years have gone by.

A-P = 2,292.77 is the interest (I) calculation.

User Robert Klemme
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