Recent content by arrow1

Re: need help solving exponential problem [FONT=Arial]The question was this. A person is taking out a loan of $10,000, compounded monthly, with an interest rate of 2.14 percent. She is making payments of $230 / mo. How long before the loan is repaid?

Re: need help solving exponential problem Hi Anemone, No, I'm not familiar with this method. I'll take a look. Thanks.

Hi, I'm new to this forum so thank you in advance for any help on this problem. I would like to understand the steps needed to solve this problem. The answer is 3.94111..286 = (1.00178^(12 * t))/t or .286 = (e^.021341 * t)/t