a)The 7-year growth factor for the amount on the loan is $4285.71.
b) 7-year percentage change for the amount is 6.25%.
c) 1-year growth factor for the amount $612.244.
d) 1-year percent change for the amount is 0.894%.
a)We know very well that growth factor is ratio of difference of principal amount and loan amount to the time taken, or
Growth factor=(Final loan amount-Initial loan amount)/Total time
=>Growth factor=(78,000-48,000)/7
=>Growth factor=30,000/7=$4285.71
b)To find the percentage change in amount, we need to use initial loan amount and the difference between two amounts, or
percentage change=((78000-48000)/48000)×100
=>percentage change=[(30000)/48000)]×100
=>percentage change=300/48=6.25%
c)Now, we have already find the growth factor for 7 years, we need to find growth rate in 1 year. So, we use unitary method to find it
=>In 7 years growth factor is=$4285.71
∴In 1 years growth factor is=$4285.71/7=$612.244
d)In 7 years percentage change for the given amount is =6.25%
∴In 1 year percentage change for the given amount=6.25/7=0.894%
Hence, answers are a)$4285.71 b)6.25% c)$612.244 d)0.894%
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