SOLUTION: A person to graduate from college takes R $ 8,000 borrowed to buy a car . The financial charges annual interest rates of 10%. Assuming that interest compounded continuously and tha
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Question 1047088: A person to graduate from college takes R $ 8,000 borrowed to buy a car . The financial charges annual interest rates of 10%. Assuming that interest compounded continuously and that the person makes continuous payments at an annual rate constant k , determine the payment rate k required for the loan to be paid in three years . Determine also the total interest paid during the period of 3 years? Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! how can you make continuous payments? Please read what you wrote, correct it, and re-post the problem.
Note: the interest can compound continuously but the payments are generally once per month.
