A bank offers a $25,000 loan at an interest rate of 7.7% that can be paid back
Question:
a. Write the monthly payment formula for this loan situation. Let t represent the number of years from 2 to 10 inclusive.
b. Write the total interest formula for this loan situation. Let t represent the number of years from 2 to 10 inclusive.
c. Construct a graph. Let the independent variable represent years and the dependent variable represent the interest paid.
d. Use your graph to estimate the interest for a 6 1/2-year loan.
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Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
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