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Peter borrowed $100,000 from bank and he pays back at a rate of $12,000 per year. The bank charges him interest at a rate of 7.25% per year compounded continuously. Make a continuous model of his situation using differential equation involving dB/dt where B = B(t) is the balance he owes the bank at time t.

I thought the B(t) is something like

B(t) = (100000-12000t) + Sum(n from 1 to t) [100000-12000(n-1)]*0.0725.

But, I am not sure yet. Thanks for help...