Sam borrows $10000 from a bank at an interest rate of 9% and pays back the loan

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Sam borrows $10000 from a bank at an interest rate of 9% and pays back the loan continuously at a rate of N dollars per year. Let P(t) denote the amount still owed at time t.

(a) Explain why P(t) satisfies the differential equation y'= 0.09y − N

(b) How long will it take Sam to pay back the loan if N = $1200?

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Calculus

ISBN: 9781319055844

4th Edition

Authors: Jon Rogawski, Colin Adams, Robert Franzosa

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Question Posted: Dec 22, 2023 03:02 AM

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Sam borrows $10000 from a bank at an interest rate of 9% and pays back the loan

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a Rate of Change of Loan Amount still owedInterest rate ...View the full answer

Calculus

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