SOLUTION: You use the following model to determine the amount owed on a loan of $5,000 with simple interest of 4.25%. The model is given by A = 5000 + 5000(0.0425t), where A is the Amount (t

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Question 1009784: You use the following model to determine the amount owed on a loan of $5,000 with simple interest of 4.25%. The model is given by A = 5000 + 5000(0.0425t), where A is the Amount (total principal plus interest) required to repay a loan, and t is the time, in years. What is the slope of this model? And how long it will take for the loan to reach $7000?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+5000%2A.0425t+%2B+5000+
This is in the form +A+=+m%2At+%2B+b+
where +m+ is the slope
+m+=+5000%2A.0425+
+m+=+212.5+
--------------------
+7000+=+212.5t+%2B+5000+
+212.5t+=+2000+
+t+=+9.412+ yrs