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A certain college graduate borrows $8,937 to buy a car. The lender charges interest at an...

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Advance Math

A certain college graduate borrows $8,937 to buy a car. Thelender charges interest at an annual rate of 16% . Assuming thatinterest is compounded continuously and that the borrower makespayments continuously at a constant annual rate, determine thepayment rate that is required to pay off the loan in 6 years. Alsodetermine how much interest is paid during the 6 -year period. Whencalculating the interest use the non-rounded value of the paymentrate, then round all answers to two decimal places.

Payment rate = $_____ per year

Interest paid = $ ______ per year

This question is for a differential equations course.

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