Mrs. Parkes had to borrow some money from the bank. She would pay back the money with interest. She is offered an interest rate of 5.1% and an interest rate of 5.3%. [Hint: Lesson 2.4] a) She calculates that she would have to pay back 6000 (1.051) after four years if she took the 5.1% interest rate. Calculate how much she would have to pay? b) She calculates that she would have to pay back 6000 (1.053)* after four years if she took the 5.3% interest rate. Calculate how much she would have to pay? c) Which interest rate should she choose?
Mrs. Parkes had to borrow some money from the bank. She would pay back the money with interest. She is offered an interest rate of 5.1% and an interest rate of 5.3%. [Hint: Lesson 2.4] a) She calculates that she would have to pay back 6000 (1.051) after four years if she took the 5.1% interest rate. Calculate how much she would have to pay? b) She calculates that she would have to pay back 6000 (1.053)* after four years if she took the 5.3% interest rate. Calculate how much she would have to pay? c) Which interest rate should she choose?
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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![Question 11
Mrs. Parkes had to borrow some money from the bank. She would pay back the money with interest. She is
offered an interest rate of 5.1% and an interest rate of 5.3%. [Hint: Lesson 2.4]
a) She calculates that she would have to pay back 6000 (1.051) after four years if she took the 5.1%
interest rate. Calculate how much she would have to pay?
b) She calculates that she would have to pay back 6000 (1.053)* after four years if she took the 5.3%
interest rate. Calculate how much she would have to pay?
Which interest rate should she choose?
10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd672829b-f6c8-47b6-8835-d8cd4f1626a8%2Fb90b77ee-6648-403a-8ea2-c8f32afb2d82%2Ftkro17_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 11
Mrs. Parkes had to borrow some money from the bank. She would pay back the money with interest. She is
offered an interest rate of 5.1% and an interest rate of 5.3%. [Hint: Lesson 2.4]
a) She calculates that she would have to pay back 6000 (1.051) after four years if she took the 5.1%
interest rate. Calculate how much she would have to pay?
b) She calculates that she would have to pay back 6000 (1.053)* after four years if she took the 5.3%
interest rate. Calculate how much she would have to pay?
Which interest rate should she choose?
10
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