Period Readiness TEKS 9.C, 9.D
6. Omar takes out a college loan for $28,000 to cover his
expenses for tuition, books, room, and housing. According to the
terms of the loan, he won't have to make payments for six years,
but the loan will continue to compound interest annually at 11%.
The table below shows the amount of the loan he owes assuming
he make no payments during the six years.
Number of Years
1
2
3
4
5
6
Loan Amount Owed
$28,000.00
$31,080.00
$34,498.80
$38,293.67
$42,505.97
$47,181.63
$52,373.61
Which function represents the amount of the loan owed in relation
to the number of years, x?
A. f(x) = 28,000(1.11)*
B. f(x) = 28,000(0.11)
C. f(x) = 28,000(11)*
D. f(x) = 28,000 + 1.11%