Jacob takes out a $1,550 loan which has a constant force of interest equal to 6%. After 5 years, he begins repaying the loan by making continuous payments at a rate of $130 per year until he is able to make a lump-sum payment of $70 to finish paying off the loan. At what time (from the time Jacob takes out the loan) will he make this lump sum payment of $70?

Answer rating: 100% (QA)

Question Details Target Ending Balance of the loan 70 Thus the goal is to pay off 155070 1480 Pay... View the full answer