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sergeinik [125]
2 years ago
9

Price of article = $315.50

Mathematics
1 answer:
Nikolay [14]2 years ago
3 0

The true annual interest rate to the nearest tenth is <u>16.7%</u>.

<h3>How is interest determined?</h3>

The interest amount for this scenario can be determined by computing the total mortgage payment and subtracting the mortgage amount from the earlier figure.

Since payment was made for 20 months, the interest rate can be annualized using 24 months as below.

<h3>Data and Calculations:</h3>

Price of article = $315.50

Down payment = $31.55

Mortgage amount = $283.95

Monthly payment amount = $16.50

Duration of payments = 20 months

Total payment (mortgage and interest) = $330 (20 x $16.50)

Interest = $46.05 ($330 - $283.95)

Annualized interest rate = 16.7% ($46.05/$330 x 24/20)

Thus, the true annual interest rate to the nearest tenth is <u>16.7%</u>.

Learn more about compound interests at brainly.com/question/19950566

#SPJ1

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Step-by-step explanation:

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Stated another way, there are 27 possible outcomes of the three draws (3 x 3 x 3) and we'll assume each is equally likely.

PROBLEM 1:

This is a conditional probability question. We only have to consider the cases where she could have drawn 2 quarters and another coin. The possible draws are:

DQQ, NQQ, QDQ, QNQ, QQD, QQN or QQQ*.

That's 7 possible draws (with equal probability) and only 1* of them is a draw with 3 quarters.

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If that isn't clear, let's list them all out:

DDD, DDN, DDQ, DND, DNN, DNQ*, DQD, DQN*, DQQ, NDD, NDN, NDQ*, NND, NQD*, QDD, QDN*, QDQ, QND*, QQD

There are 19 possible outcomes with at least one dime and exactly 6 of them have one of each type.

P(all different given at least one is a dime) = 6/19

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3 years ago
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