You take

You take out Php 20 000 loan at 5% interest rate. If the interest is compounded annually,

a. Give an exponential model for the situation
b. How much Will you owe after 10 years?

Correct result:

x =  32577.89 Php

Solution:

a=20000 Php q=5%=1+5100=1.05 t=10  x=a qt=20000 1.0510=32577.89 Php=3.3104 Php



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