Current Attempt in Progress

A certain college graduate borrows $6197$ dollars to buy a car. The lender charges interest at an annual rate of $\backslash (10\backslash \%\backslash ).$ Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate $\backslash ($ k $\backslash )$ dollars per year, determine the payment rate that is required to pay off the loan in $8$ years. Also determine how much interest is paid during the $8-$year period.

Round your answers to two decimal places.

Payment rate $\backslash (=\backslash )$ dollars per year

Interest paid $\backslash (=\backslash )$ dollars

Attempts: $0$ of $7$ used