Suppose you borrow P dollars at an APR of A expressed as a decimal. Suppose further that you repay the loan in t monthly payments and that interest is compounded continuously. Then your monthly payment, in dollars, is given by

 
?
where r is the monthly rate  expressed as a decimal. Suppose you borrow 1601 dollars at an APR of 12% and repay the loan over a period of 3 years. And suppose interest is compounded continuously.A: Use functional notation to express your monthly payment.B: Calculate the value you found in part A.C: Use your answer to part B to answer this question: When the loan is paid off, how much of what you paid is interest?

What will be an ideal response?


A:

?

B. $53.22

?

C. $314.92


Mathematics

You might also like to view...

Find the intervals on which the function is continuous.y = 

A.
B. continuous on the interval 
C. continuous on the interval 
D. continuous on the interval 

Mathematics

Provide an appropriate response.You are finding the partial fraction decomposition of the expression  .You should ...

A. Solve the equation x2 - 15x + 56 = (Ax + B)(x3 - 12x + 32) B. Solve the equation x3 - 12x + 32 = A(x - 8) + B(x - 7) C. Solve the equation x3 - 12x + 32 = (Ax + B)(x2 - 15x + 56) D. Use long division to divide the numerator by the denominator

Mathematics

A die is rolled five times and the number of fours that come up is tallied. Find the probability of getting the given result.Exactly five fours

A. .005 B. .116 C. .001 D. .0001

Mathematics

Graph the system of inequalities.2x + 3y ? 6  x - y ? 3  y ? 2

A.

B.

C.

D.

Mathematics