1.A student takes out a college loan of $5000 at an annual percentage rate of 3%,...

1.A student takes out a college loan of $5000 at an annual percentage rate of 3%, compounded monthly.

a. If the student makes payments of $1000 per month, how much, to the nearest dollar, does the student owe after 4 months? Don't round until the end.

b. After how many months will the loan be paid off?

2. Suppose you start with one liter of vinegar and repeatedly remove 0.08 L, replace with water, mix, and repeat.

a. Find a formula for the concentration after

n steps.

b. After how many steps does the mixture contain less than 5% vinegar?

Expert Solution

milcah answered 2 years ago

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