You have purchased a car with a loan of $10,000. The interest rate on the loan is 5% (annual continuous compounding rate). You repay the loan at a continues rate $100 per month. How long will it take to pay off the loan?
You have purchased a car with a loan of $10,000. The interest rate on the loan is 5% (annual continuous
compounding rate). You repay the loan at a continues rate $100 per month. How long will it take to pay off the loan?
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