SOLUTION: I'm just not getting this and there aren't any examples in my workbook ___________ ___________ ___________ ___________ ___________ ___________ ___ Renee took out a $44,000 stud

Algebra.Com
Question 1152742: I'm just not getting this and there aren't any examples in my workbook
___________________________________________________________________________
Renee took out a $44,000 student loan with a fixed interest rate to pay for college. Renee did not make payments on her loan for a period of 9 years. After this time period interest had accrued, resulting in the loan balance increasing to $74,000.
a) What is is the 9-year growth factor for the amount that Renee owes on the loan?
b) What is the 9-year percent change for the amount that Renee owes on the loan?
c) What is is the 1-year growth factor for the amount that Renee owes on the loan?
d) What is the 1-year percent change for the amount that Renee owes on the loan?

Answer by greenestamps(13203)   (Show Source): You can put this solution on YOUR website!


(a) The 9-year growth factor is the ratio of the final balance to the original balance:
= 1.6818 to 4 decimal places

(b) The 9-year percent change is the 9-year growth factor minus 1; converted to a percent:
= 68.18%

(c) 1-year growth factor.... The 9-year growth factor is the 1-year growth factor, applied 9 times. So the 1-year growth factor is the 9-year growth factor to the 1/9 power.
= 1.0595 to 4 decimal places

(d) 1-year percent change -- see description above for 9-year percent change.
= 5.95%
RELATED QUESTIONS


There used to be lots of algebra and trigonometry problems posted on... (answered by Alan3354,MathLover1)

 You have borrowed $200000 at 7% p.a taken over 25 years
a)How much is the standard... (answered by xcentaur)

Hello tutor,
I am a returning student and have been brushing up on my algebra, but I... (answered by Alan3354,fractalier)

TESTIMONY ON HOW I GOT A LOAN FROM THIS COMPANY.

I am Jamin Rodger by name, i am a... (answered by Alan3354)

Student loans are a hot discussion topic today both in the news and at home. Those of us... (answered by solver91311)

This year (10 years after you first took out the loan), you check your loan balance. Only  (answered by Alan3354)

This problem was given by the instructor in a seperate workbook & is not in my book. I... (answered by scott8148)

Hello
Question
Lisa was offered two payment options for a three month long job.
If she  (answered by Theo)