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A certain college graduate borrows 6524 dollars to buy a car. The lender charges interest at an annual rate of 18%. Assuming that interest is
A certain college graduate borrows 6524 dollars to buy a car. The lender charges interest at an annual rate of 18%. 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 7 years. Also determine how much interest is paid during the 7 -year period. Round your answers to two decimal places. payment rate = 2332.71 dollars per year, interest paid = 16328.96 dollars
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