Answer: Growth factor will be 0.15 and percent increase will be 15%.
Step-by-step explanation:
Since we have given that
the exponential growth function
1) We need to find the growth factor :
As we know the formula for "Compound Interest ":
If we compare the formula with our given equation, we get
So, the growth factor is at the rate of 0.15.
2) Percent increase will be
Hence, growth factor will be 0.15 and percent increase will be 15%.
Answer:
The monthly payment for the loan amount for 20 years is $806.167
Step-by-step explanation:
The principal loan amount= $ 50,000
The rate of interest = 7 %
the time period of loan = 20 years = 20 × 12 = 240 months
let the amount after 20 years = $ A
<u>From Compounded method</u>
Amount = Principal ×
or, A = 50,000 ×
or, A = 50,000 ×
Or, A = 50,000 × 3.8696
∴ Amount = $ 193,480
So, The amount after 20 years = $ 193,480
The monthly payment amount = $ = $ 806.167
Hence The monthly payment for the loan amount for 20 years is $806.167 Answer
