SOLUTION: I'm just not getting this and there aren't any examples in my workbook ___________ ___________ ___________ ___________ ___________ ___________ __

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Question 1152742: I'm just not getting this and there aren't any examples in my workbook
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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%

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

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