Mathematics, 19.09.2019 23:20 borbin
Acertain college graduate borrows $8000 to buy a car. the lender charges interest at an annual rate of 10%. assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate k, determine the payment rate k that is required to pay off the loan in 3 years. also determine how much interest is paid during the 3-year period.
Answers: 3
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and 
.![k=\frac{VP}{[\frac{1-(1+i)^{-n}}{i}] } =\frac{8000}{[\frac{1-(1+0.1)^{-3}}{0.1}] }=3216.92](/tpl/images/0244/4730/7566d.png)
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Acertain college graduate borrows $8000 to buy a car. the lender charges interest at an annual rate...
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