Thread: 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.

Thanks in advance.

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.

Thanks in advance.

What is your issue?

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?