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
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Chapter2: Second-order Linear Odes
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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
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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