A certain college graduate borrows 8661 dollars to buy a car The lender charges interest...
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A certain college graduate borrows 8661 dollars to buy a car The lender charges interest at an annual rate of 12 Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate dollars per year determine the payment rate that is required to pay off the loan in 6 years Also determine how much interest is paid during the 6 year period Round your answers to two decimal places Payment rate I Interest paid dollars per year dollars
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