In order to start a small business, a student takes out a simple interest loan for $9000 for 9 months at a rate of 8.75%. a. How much interest must the student pay? b. Find the future value of the loan. a. The amount of interest is $ (Round to the nearest cent as needed.)
In order to start a small business, a student takes out a simple interest loan for $9000 for 9 months at a rate of 8.75%. a. How much interest must the student pay? b. Find the future value of the loan. a. The amount of interest is $ (Round to the nearest cent as needed.)
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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A. The amount of interest is $
(Round to the nearest cent as needed.)
B. The future value of the loan is $ (Round to the nearest cent as needed.)
![In order to start a small business, a student takes out a simple interest loan for $9000 for 9 months at a rate of 8.75%.
a. How much interest must the student pay?
b. Find the future value of the loan.
a. The amount of interest is $
(Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54c442c4-30bd-4dce-9273-bbbd864d6aa8%2F44632fae-c59d-4839-b8a1-783542df9d60%2F9df9jvf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In order to start a small business, a student takes out a simple interest loan for $9000 for 9 months at a rate of 8.75%.
a. How much interest must the student pay?
b. Find the future value of the loan.
a. The amount of interest is $
(Round to the nearest cent as needed.)
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