A person took out a loan of $100,000 from a bank that charges 7.5% interest compounded continuously.
Question:
A person took out a loan of $100,000 from a bank that charges 7.5% interest compounded continuously. What should be the annual rate of payments if the loan is to be paid in full in exactly 10 years? (Assume that the payments are made continuously throughout the year.)
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Let ft be the amount owed at time t ft satisfies the differen...View the full answer
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Related Book For 
Calculus And Its Applications
ISBN: 9780134437774
14th Edition
Authors: Larry Goldstein, David Lay, David Schneider, Nakhle Asmar
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