# Bank/interest question

• Mar 19th 2011, 06:44 PM
grooverandshaker
Bank/interest question
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.

• Mar 19th 2011, 07:04 PM
dwsmith
Quote:

Originally Posted by grooverandshaker
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.