radomes.openskiesproject.org
sofianikole
sofianikole sofianikole
  • 07-02-2017
  • Mathematics
Answered

Amount Financed (m) = $2,500 Number of Payments per year (y) = 12 Number of Payments (n) = 36 Total Interest (c) = $158.15

Verified Answer :

MissPhiladelphia
MissPhiladelphia MissPhiladelphia
  • 21-02-2017

The number of payments per year is 12
The number of payments is 36 which means that the term lasted for 3 years.
The total interest is $158.15 and the amount financed is $2500.
The interest rate is
158.15/2500 = 6.33%
In nominal month, that is
(1 + r/12)^12 - 1 = 0.0633
Solve for r

Answer Link
ej122
ej122 ej122
  • 25-10-2019

4.1% is the answer hope i helped

Answer Link

Related Questions

A federal tax stamp should be filed with the Department of Treasurys before starting your businessand you should report any changes to your business operation b
The effect of local population fluctuations in rapidly expanding suburbs may schools roads and police and fire services a stress c have no effect on b reduce th
Which idea became a central belief of the enlightenment
what is 2 2 78 as a mixed number
Two 100w light bulbs used a total of 400wh of energy For how many hours did the light bulbs use power
Which medication classification will the nurse expect to be prescribed for an older patient with diabetesA SteroidB AntibioticC MetforminD Psychotropics
Autotrophs differ from heterotrophs in that only autotrophs 1 require carbon dioxide for cellular respiration 2 release oxygen as a product of cellular respirat
4w333 whats the anser
kareen ran 416 x 103 miles long
An accurate clock shows exactly 3 pm In how many minutes will the minute hand catch up with the hour hand