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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Updated 217 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 217 days ago|6/18/2020 1:24:34 AM

If you have budgeted 12% of your monthly income for groceries, how much can you spend on groceries if you earn \$950 bi-weekly?
Updated 175 days ago|7/30/2020 12:46:46 AM
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 175 days ago|7/30/2020 12:46:46 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 what actual yearly rate of interest?
Updated 272 days ago|4/23/2020 7:46:35 PM
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 272 days ago|4/23/2020 7:46:35 PM
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?
Updated 228 days ago|6/6/2020 9:15:12 AM
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 228 days ago|6/6/2020 9:15:12 AM
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