Question

Kay borrows $8,750 from Chase Bank at a fixed annual interest rate of 6.2%,

where y is the number of years the loan remains unpaid. Kay waits 8 years
before beginning to repay the loan to Citibank.
Write an exponential function to represent the amount owed after t years.
O y = 8750(t) 6.2
Oy = 8750 (1.062)
Oy (t) 1.0628750

Answer 1

Answer: $80,000(1+0.004)^60 + $519.17 [1-(+0.004)^60/0.004]

Explanation: