A person has taken a loan for 30,000 dollars at 5% interest per year compounded daily....
A person has taken a loan for 30,000 dollars at 5% interest per year compounded daily.
a) Make an equation showing how much the person pays per month & day.
b) How much should the person pay per month to pay off the loan in 10, 20 and 30 years? How much interest does that person pay for 10, 20 and 30 years?
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