The variable interest rate on a student loan changes eachJuly 1 based on the bank prime loan rate. For the years1992–2007, this rate can be approximated by the modelr1x2 = - 0.115x2 + 1.183x + 5.623where x is the number of years since 1992 and r is theinterest rate as a percent.(a) Use a graphing utility to estimate the highest rate duringthis time period. During which year was the interest ratethe highest?(b) Use the model to estimate the rate in 2010. Does thisvalue seem reasonable?
The variable interest rate on a student loan changes eachJuly 1 based on the bank prime loan rate. For the years1992–2007, this rate can be approximated by the modelr1x2 = - 0.115x2 + 1.183x + 5.623where x is the number of years since 1992 and r is theinterest rate as a percent.(a) Use a graphing utility to estimate the highest rate duringthis time period. During which year was the interest ratethe highest?(b) Use the model to estimate the rate in 2010. Does thisvalue seem reasonable?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter3: Functions And Graphs
Section3.5: Graphs Of Functions
Problem 58E
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The variable interest rate on a student loan changes each
July 1 based on the bank prime loan rate. For the years
1992–2007, this rate can be approximated by the model
r1x2 = - 0.115x2 + 1.183x + 5.623
where x is the number of years since 1992 and r is the
interest rate as a percent.
(a) Use a graphing utility to estimate the highest rate during
this time period. During which year was the interest rate
the highest?
(b) Use the model to estimate the rate in 2010. Does this
value seem reasonable?
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