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Math Help - Bank/interest question

  1. #1
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    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.
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  2. #2
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    Quote Originally Posted by grooverandshaker View Post
    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?
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