Tuesday

September 30, 2014

September 30, 2014

Posted by **zyanna** on Monday, August 4, 2014 at 4:21pm.

of $34. What actual yearly interest rate did Henry pay?

A. 29.09

B. 68.75End of exam

C. 14.55

D. 34.38

Please explain to me

- math 4 -
**Reiny**, Monday, August 4, 2014 at 5:29pmValue of loan = $300

let the monthly rate be i

then

34*(1- (1+i)^-10)/i = 300

hard to solve this type of equation but I have some methods and it gave me

i = appr .02343

so the annual rate compounded monthly is 28.1 %

check:

34(1 - 1.02343^-10)/.02343 = = 299.9988 , not bad I would say

None of your choices are valid using proper compound interest formulas

**Answer this Question**

**Related Questions**

math - Henry Devine bought a new dishwasher for 320. He paid 20 down and made 10...

Math - Henry bought a new dishwasher for $320. He paid $20 down and made 10 ...

Math - Maya bought a car for $15,000. To pay for it, she took a bank add-on ...

Math - I'm having a bit of trouble with the following problem. Thanks! Kevin ...

math - You'd also need to know the interest rate, the amount of the monthly ...

math - mr. greatest bought an aotomobile for $250,000and paid a 20% down payment...

Mathematics - I really need help with these three questions. Thank You. 1. ...

Annuity - Ahmad bought a set of sofa and paid RM200 as a down payment. The ...

English - Can any kind person proof this please Change the following from the ...

Finance - Bill Seeker bought a boat costing $8500 with $1500 down, the balance ...