228k views
23 votes
A certain college graduate borrows $5900 to buy a car. The lender charges interest at an annual rate of 10%. Assuming that interest is compounded continuously and th the borrower makes payments continuously at a constant annual rate k dollars per year, determine the payment rate k that is required to pay off the loan in 6 years (Round your answer to two decimal places.) k=$ per yr Determine how much interest is paid during the 6-year period. (Round your answer to two decimal places.)

User Carl Crott
by
7.8k points

1 Answer

6 votes
this is the answer to your question
A certain college graduate borrows $5900 to buy a car. The lender charges interest-example-1
User Jph
by
8.6k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories