Mathematics

Wilma

14 July, 10:05

A couple took out a 5-year $30,000 loan to pay for for their wedding. After 5 years, the loan payments they had made to the bank amounted to $38,250.

The interest rate on the loan, compounded continuously, is %. If they had taken an 8-year loan instead of a 5-year loan, they would have paid approximately $more.

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