# Math

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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= %

• Math -

P = 315.50
dp = 31.55
mpa = 16.50

n = 20

315.50 -31.55 = 283.95

Mpa * n

16.50 * 20 = 330

Interest = 330-283.95

Interest = 46.05

rate = 46.05/283.95

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