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Suppose you take out a loan of 100 thousand dollars at 6% interest and decide to pay it off at a rate given by F(t)
Suppose you take out a loan of 100 thousand dollars at 6% interest and decide to pay it off at a rate given by F(t) = Ct dollars per year, where C is some constant. This would correspond to initially making very small payments, since F(0) = 0, but then steadily increase those payments over time. What value for the constant C would pay off the loan after 20 years? Round to two decimal places. Once you've done that, find the total dollar amount you will have paid over the course of the loan. How much of that was interest?
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