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Chapter 2, Section 2.3, Question 07 A certain college graduate borrows 8694 dollars to buy...

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Chapter 2, Section 2.3, Question 07 A certain college graduate borrows 8694 dollars to buy a car. The lender charges interest at an annual rate of 14%. Assuming that interest is compounded continuously and that the borrower makes payments continuously at a constant annual rate k dollars per year, determine the payment rate that is required to pay off the loan in 5 years. Also determine how much interest is paid during the 5-year period. Round your answers to two decimal places. Payment rate dollars per year Interest paid = dollars

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