Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period?
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We are given
arithmetic sequence: u(1)= 124, u(2)= 117, u(3)= 110, u(4)=103
so, first term is 124
u(1)= 124
now, we can find common difference
now, we can find kth term
now, we can plug values
and we get
u(k) must be negative
so,
now, we can solve for k
so, it's closest integer value is
..............Answer