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John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?
John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to 36% actual yearly rate of interest. 4500-1500 = $3000 A = Monthly payments = 350 n = 10 Principal value (P) = 3000 A = Pr(1+r)^n /(1+r)^n-1 350 = 3000r(1+r)^10 / (1+r)^10-1 = 36% (approx)
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Question|Asked by Jay4032
Asked 3/28/2018 4:31:32 PM
Updated 163 days ago|6/18/2020 1:24:34 AM
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John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to 36% actual yearly rate of interest.

4500-1500 = $3000
A = Monthly payments = 350
n = 10 Principal value (P) = 3000

A = Pr(1+r)^n /(1+r)^n-1

350 = 3000r(1+r)^10 / (1+r)^10-1

= 36% (approx)
Added 163 days ago|6/18/2020 1:24:34 AM
This answer has been confirmed as correct and helpful.
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Questions asked by Jay4032
If you have budgeted 12% of your monthly income for groceries, how much can you spend on groceries if you earn $950 bi-weekly?
Question|Asked by Jay4032
Not Answered
Updated 121 days ago|7/30/2020 12:46:46 AM
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If you have budgeted 12%of your monthly income for groceries you can spend $228 on groceries if you earn $950 bi-weekly.

Monthly income 950 *2 =$1900
spending = 1900 * 12% = $228. bi-weekly= 12% * 950 =.12 *950 = 114 ; Monthly = 114 *2 = 228.
Added 121 days ago|7/30/2020 12:46:46 AM
This answer has been confirmed as correct and helpful.
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John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?
Question|Asked by Jay4032
Not Answered
Updated 218 days ago|4/23/2020 7:46:35 PM
1 Answer/Comment
John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to 36% actual yearly rate of interest.

4500-1500 = $3000
A = Monthly payments = 350
n = 10 Principal value (P) = 3000
350= 3000r (1+ r) 10 / (1+r) 10 - 1 = 36%.
Added 218 days ago|4/23/2020 7:46:35 PM
This answer has been confirmed as correct and helpful.
John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?
Question|Asked by Jay4032
Not Answered
Updated 175 days ago|6/6/2020 9:15:12 AM
1 Answer/Comment
John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to 36% actual yearly rate of interest.

4500-1500 = $3000
A = Monthly payments = 350
n = 10 Principal value (P) = 3000
350 = 3, 000r (1+ r) 10 / (1+r) 10 - 1 = 36%.

Added 175 days ago|6/6/2020 9:15:12 AM
This answer has been confirmed as correct and helpful.
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