A. college loan. To help with the cost of tuition, room , and board, you take ou

Question

A. college loan. To help with the cost of tuition, room , and board, you take out a loan of $20,000 for college. You do not have to make any payments on the loan until you leave school. However, the loan amount accumulates interest at the rate of 12% annually. To determine how much you will owe after x years of school, complete the table and graph.

years in school       money owed
0                          20,00

1

2

3

4

5

6

*Suppose after graduating college, you enter law school. How much would be owed after a total of 8 yrs in school?


* Suppose, after graduation, you decide on medical school. how much would be owed after a total of 12 years in school?

* What is the domain and range of the problem situation?

What function rule can be used to find the amount you will owe in student loans after staying in school for x years? M(x) =

Explanation / Answer

If what you are talking about is simple instrest these are the figures for the loan amount.

The domain is: {0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12}

The range is the dollar amounts given in the same fashion.

A function to represent that is M(x)=247.31x2 + 1207.8x + 18976

This function was found by doing a polynomial regression.

Year

77919.52

Year

Dollars 0 20000.00 1 22400.00 2 25088.00 3 28098.56 4 31470.39 5 35246.83 6 39476.45 7 44213.63 8 49519.26 9 55461.58 10 62116.96 11 69571.00 12

77919.52

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