Math 113 Exam 2 Review - Cabrini University

For this problem you use equation #4 but now you are solving for L, the amount you need to pay back to the bank. You are given R – the proceeds – or the amount you receive from the bank = $10,000, r = the interest rate = 8%, and t = the time you have to pay back the loan = 3 months – you need to convert this to years = (3/12) years, so:

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