One is given the following function (). The given problem asks one to find the output of the function when the input is (10). Keep in mind, a general rule for dealing with functions is that, when present, the variable (x) represents the input. Whereas the variable (y) represents the output. Thus, if one were to substitute (10) in place of (x), and simplify: the result one would get is the output. Apply this idea to the given scenario:
If Mike is willing to pay no more than an effective rate of 8.000% annually, the loans that meet his criteria are loan X and loan Z. Of those two, the lowest would be loan X. I hope the answer will help you :)
