Two customers took out car loans from a bank • Jenna took out a 4-year loan for $20,000 and paid 4.8% annual simple interest
• Francis took out a 5-year loan for $20,000 and paid 4 4% annual simple interest.
What is the difference between the amounts of interest Francis and Jenna paid for their car loans?
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When interest is compounded continuously, the amount of money increases at a rate proportional to the amount s present at time t, that is, ds/dt = rs, where r is the annual rate of interest. (a) find the amount of money accrued at the end of 3 years when $4000 is deposited in a savings account drawing 5 3 4 % annual interest compounded continuously. (round your answer to the nearest cent.) $ (b) in how many years will the initial sum deposited have doubled? (round your answer to the nearest year.) years (c) use a calculator to compare the amount obtained in part (a) with the amount s = 4000 1 + 1 4 (0.0575) 3(4) that is accrued when interest is compounded quarterly. (round your answer to the nearest cent.) s = $

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