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After graduating from college Selim wanted to have his own business, so he borrowed 10,000,000 cens from his father as start-up money. Because he was family, his father charged interest at only 3.5% per year. If Selim was able to pay his father 400,000 cens in year 1, 1 million cens in year 2, and amounts increasing by 600,000 cens each year, how many years did it take for Selim to repay the loan?

After graduating from college Selim wanted to have his own business, so he borrowed 10,000,000 cens from his father as start-up money. Because he was family, his father charged interest at only 3.5% per year. If Selim was able to pay his father 400,000 cens in year 1, 1 million cens in year 2, and amounts increasing by 600,000 cens each year, how many years did it take for Selim to repay the loan?

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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After graduating from college Selim wanted to have his own business, so he borrowed 10,000,000
cens from his father as start-up money. Because he was family, his father charged interest at only
3.5% per year. If Selim was able to pay his father 400,000 cens in year 1, 1 million cens in year 2,
and amounts increasing by 600,000 cens each year, how many years did it take for Selim to repay
the loan?

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