Mike took out a $30,000 loan with a 7% annual interest rate. each month he pays 2% of the balance of the loan. which equation gives the approximate amount, a(x), he has left to pay on his loan at the end of each year as a function of x, the number of years since he took out the loan? a(x) ≈ 30,000(0.91)x2 a(x) ≈ 30,000 + (0.785)x3 a(x) ≈ 30,000(0.840)x a(x) ≈ 30,000(0.785)x2 a(x) ≈ 30,000(0.91)x

C.

Step-by-step explanation:

We have been given that Mike took out a $30,000 loan with a 7% annual interest rate. So the approximate amount, A(x), he has to pay on his loan at the end of each year as a function of x will be:

Using exponent property we will get,

Therefore, the equation represents the approximate amount, Mike has left to pay on his loan at the end of each year and option C is the correct choice.

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step-by-step explanation: