Christopher borrowed $22,000 for 7 years. At the end of the loan, he had paid a total of $27,390. Find the interest rate on the
1 answer:
You might be interested in
First, we are going to find the common ratio of our geometric sequence using the formula: 
. For our sequence, we can infer that 
and 
. So lets replace those values in our formula:
Now that we have the common ratio, lets find the explicit formula of our sequence. To do that we are going to use the formula:
. We know that 
; we also know for our previous calculation that . So lets replace those values in our formula:
Finally, to find the 9th therm in our sequence, we just need to replace
with 9 in our explicit formula:
We can conclude that the 9th term in our geometric sequence is <span>1,562,500</span>
Now that we have the common ratio, lets find the explicit formula of our sequence. To do that we are going to use the formula:
Finally, to find the 9th therm in our sequence, we just need to replace
We can conclude that the 9th term in our geometric sequence is <span>1,562,500</span>