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Popular Word Problems >

A certain loan program offers an interest rate of 2.5% per year, compounded continuously. Assuming no payments are made, how much would be owed after seven years on a loan of 3900?

Solución

A cer t ain l o an p ro g r am o ff ers an in t eres t r a t e o f 2.5% p er ye a r, co m p o u n d e d co n t in u o u s l y . A ss u min g n o p a y m e n t s a re ma d e, h o w m u c h w o u l d b e o w e d a f t er se v e n ye a rs o n a l o an o f 3900 ?

Solución

Amount : 4645.86

Pasos de solución

Translate the problem into an equation:

A = 3900 e^{0.025 \cdot 7}

3900 e^{0.025 \cdot 7} = 4645.86024 \dots

Redondear al más cercano hundredth:

4645.86

Amount : 4645.86

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