- #1
MarkFL
Gold Member
MHB
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Here is the question:
I have posted a link there to this topic so the OP can see my work.
Differential modeling help?
A college grad. borrows $8000 dollars for a car. The lender charges interest at an annual rate of 10%. Assuming interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate of k, determine the payment rate k that is required to pay off the loan in 3 years.
I have posted a link there to this topic so the OP can see my work.