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Popular Word Problems >

A certain loan program offers an interest rate of 4% compounded continuously. Assuming no payments are made, how much would be owed after seven years on a loan of \$1900

Solution

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 4% 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 $1900

Solution

Amount : 2513.95

Solution steps

Translate the problem into an equation:

A = 1900 e^{0.04 \cdot 7}

1900 e^{0.04 \cdot 7} = 2513.94664 \dots

Round to the nearest hundredth:

2513.95

Amount : 2513.95

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