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

Section: Chapter Questions

Problem 1RQ

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Concept explainers

Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.

Question

Please help solve and verify differential equation problem part (c) attached.

I also attached my solutions for reference.

I'm not sure if my answer for part (c) is correct and if it is incorrect I would like to know why?

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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