Taylor took out a student loan for $6,000 and agreed to pay it off with monthly payments over 12 years at a 5% interest rate compounded monthly. This made her monthly payments $59. How much will Taylor end up paying
in interest?

Taylor took out a student loan for $6,000 and agreed to pay it off with monthly payments over 12 ye

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Ответ:

texaslady36

03.02.2020

Mathematics

Solution

Here the first term = -2

5th term = -1/8

Now we have to find the common ratio (r)

Fifth term A5 = -1/8

-1/8 = $a_{1} r^{4}$

Here $a_{1} = -2$

Plug in $a_{1} = -2$ in the fifth term and find the value of r.

-1/8 = -2 $r^{4}$

$r^{4} = \frac{-1/8}{-2}$

$r^{4} = \frac{1}{16}$

Taking 4th root, we get

r = $\frac{1}{2}$

Now let's find the second term.

$a_{2} =$ first term *r = -2 *1/2 = -1

2nd term = -1

3rd term = second term * 1/2 = -1 * 1/2 = -1/2

4th term = 3rd term *r = -1/2 *1/2 = -1/4

Thank you :)

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Taylor took out a student loan for $6,000 and agreed to pay it off with monthly payments over 12 years at a 5% interest rate compounded monthly. This made her monthly payments $59. How much will Taylor end up paying in interest?