Thursday

April 17, 2014

April 17, 2014

Posted by **sarah** on Monday, June 24, 2013 at 6:36pm.

Price of article = $315.50

Down payment = $31.55

Monthly payment amount = $16.50

Duration of payments = 20 months

True annual interest rate to the nearest tenth = %

Formula: I(Interest)= 2YC/M(N+1)

y = payments per year; c = total interest paid; m = amount financed; n = total number of payments.

- Math -
**Ms. Sue**, Monday, June 24, 2013 at 6:42pmLet's figure it this way.

315.5 - 31,55 = 283.95 >> amount financed

16.5 * 20 = 330 >> amount paid

330 - 283.95 = 46.05 >> interest

46.05 / 283.95 = 0.16217 = 16.2% >> interest rate

- Math Correction -
**Ms. Sue**, Monday, June 24, 2013 at 7:17pmPlease ignore my previous post. I goofed!

I = PRT

46.05 = 283.95 * R * 1.6667

46.05 = 473.26R

46.04 / 473.26 = R

0.0972 = 9.7% = R

**Related Questions**

english - Thanks for the help on putting up fence. I need help with starting ...

Math - Theo is constructing a miniature putting green in his backyard. He wants ...

english - i need help with putting this scenario in an buiness email. Scenario: ...

Math - Compute the following special functions. Keep the correct number of ...

Chem - Identify the Oxidizing agent and the reducing agent for Al(s)+3Ag^+(aq...

study skills - List 10 things a new high school student can do to be more ...

Math - A town considers wheather to put curbs along the streets. The ratio of ...

Calculus - If f(x)= 1/1-x Find the composition of f(f(x)). So I get 1/1-(1/1-x) ...

english - I am 11 years old. I need to write 3 sentences about the word "destiny...

12th grade - If f(x)= 1/1-x Find the composition of f(f(x)). So I get 1/1-(1/1-x...