A loan for ($ 50,000) is taken out for 7 years. Find the payment is the interest

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A loan for $\$ 50,000$ is taken out for 7 years. Find the payment is the interest rate is:

a. $3.5 \%$

b. $4.5 \%$

c. $5.5 \%$

d. $6.5 \%$

e. Did the payments increase by the same amount for each $1 \%$ jump in interest rate?

Compare payments per month and interest rates.

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Contemporary Mathematics

ISBN: 9781711470559

1st Edition

Authors: OpenStax

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Question Posted: May 29, 2024 10:00 AM

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A loan for ($ 50,000) is taken out for 7 years. Find the payment is the interest

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Contemporary Mathematics

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