A bank offers cash loans at .04% interest per day compounded daily. A loan of $10000 is taken and the interest payable at the end of x days is given by C=10000[(1.0004)^x -1].
Plot the graph of C against x.
Find the interest at the end of: 100 days and 300 days.
After how many days is the interest payable $1000?
A loan company offers $10000 with a charge of $4.25 a day being made. he amount charged after x days is given by K=4.25x. Find the smallest value of x for which K < C.
Thanks in advance.
What is your issue?
Originally Posted by grooverandshaker
Have you solved for 100 and 300 days? Have you set the equation equal to 1000 to solve for x? Have you set K and C equal to each other to find where they cross?