Question and answer
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)
s
Question|Asked by Jay4032
Asked 3/28/2018 4:31:32 PM
Updated 217 days ago|6/18/2020 1:24:34 AM
1 Answer/Comment
Get an answer
New answers
Rating
8
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
This answer has been confirmed as correct and helpful.
Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
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 175 days ago|7/30/2020 12:46:46 AM
1 Answer/Comment
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
This answer has been confirmed as correct and helpful.
A letter of application is intended to
Weegy: The letter of application is intended to outline your value to a prospective employer. User: How many pages does a good résumé have? Weegy: A good résumé have 2 pages. (More)
Question|Asked by Jay4032
Expert Answered
Asked 3/28/2018 4:07:34 PM
0 Answers/Comments
A home mortgage is usually borrowed for how long?
Weegy: A home mortgage is usually borrowed for 20-30 years. User: An employer may conduct an aptitude test to check for what? Weegy: An employer may conduct an aptitude test to check for the capacity to acquire certain skills. (More)
Question|Asked by Jay4032
Expert Answered
Asked 3/28/2018 4:03:38 PM
0 Answers/Comments
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 272 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 272 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 228 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 228 days ago|6/6/2020 9:15:12 AM
This answer has been confirmed as correct and helpful.
33,105,648
questions answered
Popular Conversations
relatioship among people are
1/11/2021 10:12:15 AM| 12 Answers
-4(2+8)
Weegy: -4|-4| User: 2(9-3) Weegy: 12*9-3 = 108-3 = 105.
1/13/2021 1:29:14 AM| 4 Answers
-7 N = 20
Weegy: -7 + N = 20 User: y - 12 = -10 Weegy: x + 5 = 2x User: y - 12 = -10 Weegy: x + 5 = 2x User: y + 1.05 = ...
1/15/2021 5:41:15 AM| 4 Answers
Identify the phrase in the following sentence. Jolene went to the ...
Weegy: Jolene went to the city to find a new job.
1/11/2021 9:40:11 AM| 3 Answers
Which of the following measures tells something about the ...
Weegy: Data is a set of values of qualitative or quantitative variables; restated, data are individual pieces of ...
1/12/2021 3:12:14 PM| 3 Answers
Which phrase does not describe a mineral? A. Crystal structure ...
Weegy: The phrase which do not describe a mineral is organic solid. User: minerals containing iron are attracted bt ...
1/18/2021 8:40:01 AM| 3 Answers
If you blank to visit your grandmother, you should go now; visiting ...
Weegy: If you INTEND to visit your grandmother,you should go now,visiting hours will be ending soon. User: An essay ...
1/18/2021 6:25:02 PM| 3 Answers
Solve the following system of equations. 2x + y = 3 x = 2y - 1
Weegy: 2x + y = 3 User: Solve the following system of equations. 3x + 2y - 5 = 0 x = y + 10 Weegy: The solution ...
1/19/2021 9:23:23 AM| 3 Answers
GET
Answers.
GET THE APP.
weegy*
*
Get answers from Weegy and a team of really smart live experts.
S
L
P
R
P
R
Points 978 [Total 4831] Ratings 0 Comments 868 Invitations 11 Offline
S
L
L
1
P
1
L
P
Points 715 [Total 11735] Ratings 5 Comments 665 Invitations 0 Offline
S
L
1
Points 447 [Total 2879] Ratings 1 Comments 427 Invitations 1 Offline
S
L
Points 416 [Total 3735] Ratings 0 Comments 416 Invitations 0 Offline
S
L
Points 314 [Total 1128] Ratings 0 Comments 314 Invitations 0 Offline
S
R
L
Points 238 [Total 855] Ratings 0 Comments 238 Invitations 0 Offline
S
L
Points 198 [Total 198] Ratings 0 Comments 198 Invitations 0 Offline
S
L
1
1
1
1
1
1
1
1
1
1
1
1
Points 162 [Total 2708] Ratings 15 Comments 12 Invitations 0 Offline
S
L
Points 118 [Total 118] Ratings 0 Comments 118 Invitations 0 Offline
S
L
P
P
P
1
P
L
1
Points 112 [Total 9383] Ratings 1 Comments 102 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.