Consider the publicly held debt of $5.0 trillion in 2006. Use the loan payment formula to determine the annual payments needed to pay this debt off in 15 years. Assume an annual interest rate of 4%. The annual payments needed to pay the debt off in 15 years is about $ billion per year. (Round to the nearest whole number as needed.)

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Chapter1: Functions And Models
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Consider the publicly held debt of $5.0 trillion in 2006. Use the loan payment formula to determine the annual payments needed to pay this debt off in
15 years. Assume an annual interest rate of 4%.
The annual payments needed to pay the debt off in 15 years is about $
billion per year. (Round to the nearest whole number as needed.)
Transcribed Image Text:Consider the publicly held debt of $5.0 trillion in 2006. Use the loan payment formula to determine the annual payments needed to pay this debt off in 15 years. Assume an annual interest rate of 4%. The annual payments needed to pay the debt off in 15 years is about $ billion per year. (Round to the nearest whole number as needed.)
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