A certain college graduate borrows 8115 dollars to buy a car. The lender charges interest at an annual rate of 11%. Assuming thatinterest is compounded continuously and that the borrower makes payments continuously at a constant annual rate k dollars per year,determine the payment rate that is required to pay off the loan in 6 years. Also determine how much interest is paid during the 6-yearperiod.Round your answers to two decimal places.Payment rate idollars per yearInterest paid = idollars

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Answered: A certain college graduate borrows 8115…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A homebuyer wishes to take out a mortgage of $300,000 for a 40-year period. What monthly payment is required if the interest rate is 11%?What is the total amount paid during the term of the loan? Carry out all calculations exactly and round the final answers only. Carry out all calculations exactly and round the final answer for the monthly payment to two decimal places and the final answer for the total amount paid to the nearest integer. The required monthly payment is $ i The total amount paid during the term of the loan is $ i
The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan's future value A, or the total amount due at time t. P =$5000,r = 8%,t = 2years
Find the amount of money needed to be invested for an interest rate of 3.5% compounded semi-annually for 24 years so that the person wants their money to grow to $53,000. Do not round-off anything until you obtain the final answer. Round your answers to the nearest dollar. Number Submit Assignment Quit & Save Back Question Me
Suppose that you borrow $10,000 for three years at 5% toward the purchase of a car. Use PMT= The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) PH [-(-9] The total interest for the loan is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) to find the monthly payments and the total interest for the loan
The monthly payment is $ enter your response here. (Round to the nearest cent as needed.)
Shenseeastocking of $4,300 in account today. Shenseeawants to grow for 43 years, nothing Interest compounds monthly with an annual rate of 5.2%.The rate of inflation will be averages 3.5% over that time, what is the value of that investment account in real dollars?
The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. P = $2900.00, A = $2925.38, t = 3 months
The simple interest owed for the use of the money is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) p=$23,500, r- 2%, t=4 years ⒸA. $188 OB. $2,937.5 OC. $1,880 D. $11.750

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