## (Solved) INSTITUTIONAL REVIEW BOARD (IRB) APPLICATION Form A - for Excluded research only LOW RISK CLASSROOM RESEARCH PROJECT Instructors assigning research...

part a)Â

Nicola borrows 30000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly.

Calculate the monthly payment that Nicola would have to make in order for the loan to be paid off after exactly 30 years.

(Give your answer, in dollars, to the nearest cent. You should not include the dollar sign or any commas in your answer.)

monthly payment:

part b)Â

Fred wants to take out a loan. Suppose he can afford to make monthly payments of 100 dollars and the bank charges interest at an annual rate of 10 percent, compounded monthly.

What is the maximum amount that Fred could afford to borrow if the loan is to be paid off eventually?

(Give your answer, in dollars, correct to the nearest dollar.)

amount he can borrow:

Calculus questionsÂ

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