Evaluating and Solving an Linear and Exponential Applications Identify the information given to you in the appiication probiem betow. Use that information to answer the questions that follow. Assume you can invest $7000 at 3.69% Simple Interest or 3.1% Com pound Interest (Annual). The equation for Simple Interest is modeled by: A = P + P'rt. Compound Interest is modeled by A = P(1 + t. The corresponding equations for these two types of interest are given below. so} = 7000 + 258.3t C(t) = 7000(1031)t a) Complete the table for each function. Round your answers to two decimal places as needed. t "1 l5 |10 |15 |20 b) At the end of what year will the Accrued Value 0' the account earning Compound Interest (C(t)) be higher than the Accrued Value of the account paying Simple Interest [S(t))? The investments earning Compound Interest will have a higher Accrued Value at the end of year C]. Month Prior Balance 1.75% Interest on Prior Balance Monthly Payment Ending Balance $4700 2 $4700 $175 LA $175 $4512.88 4 $4512.88 $175 5 $77.3 $175A payday loan company charges a $30 fee for a $500 payday loan that will be repaid in 11 days. Treating the fee as interest paid, what is the equivalent annual interest rate? C] % interest A. You need a simple interest bridge loan to cover the costs of buying a new home while waiting to close on your old one. You need to nance $80,000 and bank will charge 8.5%. How much interest will you pay if you needed the loan for 2 months? Your friend needs a loan of $3,600 for 6 months. You tell him for the simple interest loan service he needs to pay you back $3,753.00. What is the simple interest rate on your friendiyloan? You have agreed to loan some money to a friend at a simple interest rate of 180% which is outrageous but still about half of the payday loan places! " To make it easy on your friend who never took Math 140 you tell him you'll give him some money now and he just needs to pay you back a nice even $600 in 3 weeks. How much money do you hand him? (nearest $1)You have agreed to loan some money to a friend at a simple interest rate of 180% which is outrageous but still about hahc of the payday loan places! 97' To make it easy on your friend who needs a $440 loan to tide him over for a bit you tell him to pay you back $500 in a few weeks. In how many weeks should you tell him to pay you back if you want to hold that interest rate of 180%? Note: 52 weeks = 1 year