A certain college graduate borrows 8,000 dollars to buy a car. The lender charges interest at an annual rate of 10%. Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate \(k\), determine the payment rate \(k\) that is required to pay off the loan in 3 years. Also determine how much interest is paid during the 3-year period.
This is a Diff.Eq. problem.
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Not sure why the \(\LaTeX\) isn't displaying above.
Got the answer everybody, $3086.64 a year, 9259.92 over three years, 1259.92 in interest.