A student takes out a college loan of $6000 at an annual percentage rate of 3%, compounded monthly. a. If the student makes payments of $800 per month, how much, to the nearest dollar, does the student owe after 4 months? Don't round until the end. b. After how many months will the loan be paid off?
A student takes out a college loan of $6000 at an annual percentage rate of 3%, compounded monthly. a. If the student makes payments of $800 per month, how much, to the nearest dollar, does the student owe after 4 months? Don't round until the end. b. After how many months will the loan be paid off?
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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![A student takes out a college loan of $6000 at an annual percentage rate of 3%, compounded monthly.
a. If the student makes payments of $800 per month, how much, to the nearest dollar, does the student
owe after 4 months? Don't round until the end.
b. After how many months will the loan be paid off?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F49efb0a9-75ec-4675-8bf4-2f6691310d15%2Fe3df6165-ddcf-476c-a65e-1bc2bd03ae15%2Fd7u4v3_processed.png&w=3840&q=75)
Transcribed Image Text:A student takes out a college loan of $6000 at an annual percentage rate of 3%, compounded monthly.
a. If the student makes payments of $800 per month, how much, to the nearest dollar, does the student
owe after 4 months? Don't round until the end.
b. After how many months will the loan be paid off?
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