A finance company offers a promotion on $8900 loans. The borrower does not have to make any payments for the first 4 years, however interest will continue to be charged to the loan at 24.6 % compounded continuously. a) What amount will be due at the end of the 4 years, assuming no payments are made? (Rounded to the nearest cent). b) If the promotion is extended an additional 4 years, and no payments are made, what amount will be due? $ Ś (Rounded to the nearest cent).

A finance company offers a promotion on $8900 loans. The borrower does not have to make any payments for the first 4 years, however interest will continue to be charged to the loan at 24.6 % compounded continuously. a) What amount will be due at the end of the 4 years, assuming no payments are made? (Rounded to the nearest cent). b) If the promotion is extended an additional 4 years, and no payments are made, what amount will be due? $ Ś (Rounded to the nearest cent).

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

A finance company offers a promotion on $8900 loans. The borrower does not have to make any payments
for the first 4 years, however interest will continue to be charged to the loan at 24.6 % compounded
continuously.
a) What amount will be due at the end of the 4 years, assuming no payments are made?
$
(Rounded to the nearest cent).
b) If the promotion is extended an additional 4 years, and no payments are made, what amount will be
due?
S
(Rounded to the nearest cent).

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