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  • 04-06-2024
  • Mathematics
Answered

A couple took out a 5-year $30,000 loan to pay for for their wedding. After 5 years, the loan payments they had made to the bank amounted to $38,250. The interest rate on the loan, compounded continuously, is blank %. If they had taken an 8-year loan instead of a 5-year loan, they would have paid approximately blank $ more.

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