Question
A certain college graduate borrows 6441 dollars to buy a car. The lender charges interest at an annual rate of 16%. Assuming that interest
A certain college graduate borrows 6441 dollars to buy a car. The lender charges interest at an annual rate of 16%. Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate k dollars per year, determine the payment rate that is required to pay off the loan in 5 years. Also determine how much interest is paid during the 5-year period. Round your answers to two decimal places. Payment rate Interest paid dollars per year dollars
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Financial Accounting An Introduction to Concepts, Methods and Uses
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
14th edition
978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023
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