A college graduate borrows $30,000 for educational costs. The lender charges а. 4% per year. Determine the payment rate k to pay off the loan in 10 years. b. Determine the interest paid over 10 years. с. Suppose the college graduate makes payments at the rate of k per year for 2 years (k is determined in 8a), then the payment rate is increased to 400(1 +t/120) wheret is in months. How many months will it take to pay off the loan? (You can use a graphing calculator for an estimate.)
A college graduate borrows $30,000 for educational costs. The lender charges а. 4% per year. Determine the payment rate k to pay off the loan in 10 years. b. Determine the interest paid over 10 years. с. Suppose the college graduate makes payments at the rate of k per year for 2 years (k is determined in 8a), then the payment rate is increased to 400(1 +t/120) wheret is in months. How many months will it take to pay off the loan? (You can use a graphing calculator for an estimate.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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I'm not sure if my answer for part (c) is correct and if it is incorrect I would like to know why?

Transcribed Image Text:A college graduate borrows $30,000 for educational costs. The lender charges
а.
4% per year. Determine the payment rate k to pay off the loan in 10 years.
b.
Determine the interest paid over 10 years.
с.
Suppose the college graduate makes payments at the rate of k per year for 2
years (k is determined in 8a), then the payment rate is increased to 400(1 +t/120) wheret
is in months. How many months will it take to pay off the loan? (You can use a graphing
calculator for an estimate.)

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