MATHEMATICS MIDDLE SCHOOL

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

I = %

Answers

Answer 1
Answer:

Answer:

  I ≈ 4.0248%

Step-by-step explanation:

The total amount repaid is ...

  $2500 +158.15 = $2658.15

so the monthly payment is

  $2658.15/(36 mo) = $73.8375/mo

___

There is no analytic method by which the interest rate can be calculated, so it must be found by other means, typically by a financial calculator or graphing calculator. The attached shows a graphing calculator result for the interest rate necessary to obtain the above monthly payment, along with a refinement of the result using Newton's Method iteration.

The annual interest rate must be about 4.0248% in order for the total interest on that loan to be $158.15.

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brainly.com/question/8728504

#SPJ2
workbook =x
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 x    5/5 (1 hour)
then x=(5/5 * 1/4):3/5
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x=1/4 *5/3
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