Question: will like for answer! A certain college graduate borrows 6564 dollars to buy a car. The lender charges interest at an annual rate of 18%.
will like for answer!
A certain college graduate borrows 6564 dollars to buy a car. The lender charges interest at an annual rate of 18%. Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate k dollars per year, determine the paymentrate that is required to pay off the loan in 3 years. Also determine how much interest is paid during the 3-year period Round your answers to two decimal places. Payment rate= dollars per year Interest paid = dollars
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