Jake takes on a $5,000.00 business loan to remodel his store. The table below represents the amount of money Jake owes the bank, where "x" is the number of years it takes him to pay the money back and "y" is the amount of money he owes.
YEARS (x) 0 1 2 3 4 5
MONEY (y) $5,000.00 $5,000.00 $6,050.00 $6,655.00 $7,320.5 $8,052.55
The function of the amount of money that Jake owes the bank is. Choose the correct answer from below.
A. linear
B. quadratic
C. exponential
The equation for the function for the amount of money that Jake owes the bank is, choose the correct answer from below.
A. y = 5000x^2 + 1.1x + 5000
B. y = 5000 + 2500x
C. y = 2500 (1.1)^x
D. y = 5000 (1.1)^x
The annual interest rate of the loan is. Choose the correct answer from below.
A. 5%
B. 8%
C. 10%
D. 12%
If Jake does not pay the loan back for 10 years he will owe approximately. Choose the correct answer from below.
A. $8,144.47
B. $10,794.62
C. $12,968.71
E. $15,529.24
The function of the amount of money that Jake owes the bank is C. exponential.
The equation for the function for the amount of money that Jake owes the bank is D. y = 5000 (1.1)^x
The annual interest rate of the loan is C. 10%
If Jake does not pay the loan back for 10 years he will owe approximately A. $8,144.47