Peter wants to borrow $3,000. he has two payment plans to choose from. plan a is 4% interest over 6 years. plan b is 5% interest over 4 years. using the formula mc024-1.jpg for payment, m, which statement best compares the plans? plan a has a monthly payment of about $23 less and a total interest charge of $120 less than plan b. plan a has a monthly payment of about $23 less and a total interest charge of $120 more than plan b. plan a has a monthly payment of about $23 more and a total interest charge of $120 more than plan b. plan a has a monthly payment of about $23 more and a total interest charge of $120 less than plan b

the answer is B.

Step-by-step explanation:

the solution of the equation is 2.23 ⇒ answer b

step-by-step explanation:

* lets revise the meaning of exponential function

- the form of the exponential function is y = ab^x, where a ≠ 0, b > 0 ,  

  b ≠ 1, and x is any real number

- it has a constant base b

- it has a variable exponent x

- to solve an exponential equation, take the log or ln of both sides,  

  and solve for the variable

* lets solve the problem

∵

- the base is 7 and the exponent is x

- insert ㏑ in both sides

∴

- use the rule

∴ x ㏑(7) = ㏑(77)

- to find x divide both sides by ㏑(7)

∴

* the solution of the equation is 2.23 to the nearest 2 decimal places