Patrice borrowed $2,000 from a bank at a simple interest rate of 8% per year. If the interest charged on the loan was $960, what was the
duration of this loan?

6 years

Step-by-step explanation:

Interest=(Principal Amount*Interest Rate*Time)

960=(2000)*8*x/100

x=(960*100)/(8*2000)=6 years

The given expression is

This exponential function models the situation here. Where is time and is money in dollars.

Now, to find the y-intercept, we just need to find the value asigned for

So, this result menas that the initial condition is 60, that is, Jacob began with $60.

On the other hand, asymptotes refers to function restrictions in its domain or range. In this case, the only restriction is in the range, because an exponential function doesn't have valid negative values, because a power always gives a positive result. So, the equation of its asymptote in this case must be

which is the x-axis.

Actually, the range of the function is because it cannot be equal to zero, due to the characteristics of powers, their minimum result is 1.

Lastly, if Jacob doesn't deposit any additional money, after eight years he will have (

Therefore, he would have around $82.11.