Monday

April 21, 2014

April 21, 2014

Posted by **Liala** on Friday, December 7, 2012 at 7:16am.

- math -
**Reiny**, Friday, December 7, 2012 at 9:22amafter 5% down payment you would owe 11965.25

249.34 times 60 = 14960.40

interest paid = 14960.40 - 11965.25 = $2995.15

(I hope they don't teach you that you can now find the rate of interest to be 2995.15/(11965.15(5)) = .05 or 5% ????)

the actual monthly rate of interest:

let it be i

11965.25 = 249.34( 1 - (1+i)^-60)/i

running it through a good "equation solver" program , I got i = .0076378

the annual rate is .0916 or 9.16%

check:

249.34( 1 - 1.0076378^-60)/.0076378 = 11965.24 , wow, not bad

**Related Questions**

science - A 400kg sports car collides with a stopped pickup 40m/s. After the ...

sports - in a sports development officer I am asked to provide a list of sports ...

science - A 400kg sports car collides with a stopped pickup 40m/s. After the ...

math - The cost of a certain new car is g dollars. The car is on sale for h% off...

dameno - The driver of a 1300-kg car moving at 21 m/s brakes quickly to 13 m/s ...

math - before the year end sale one used car was priced at 8,925. During the ...

algebra - If y=35+0.8x gives the distance of the sports car from Flint after x ...

physics - a sports car traveling at 27.8 m/s slows at a constant rate to a stop ...

ALGEBRA - I went to the car show this weekend and that is what I saw: Every red ...

mechanical science - 11. In an accident a freeway sports car made skid marks 200...