A finance company offers a promotion on $9000 loans. The borrower does not have

Question

A finance company offers a promotion on $9000 loans. The borrower does not have to make any payments for the first four years, however interest will continue to be charged to the loan at 29.7% compounded continuously. What amount will be due at the end of the four year period, assuming no payments are made? (Round your answer to the nearest cent.)
$

If the promotion is extended an additional two years, and no payments are made, what amount would be due? (Round your answer to the nearest cent.)
$

Explanation / Answer

Answer: A

A(4) =9000e0.297.4

=$29524.62

Answer: B A(6)=9000e0.297.6

=$53475.55

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