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sergeinik [125]
1 year ago
9

Price of article = $315.50

Mathematics
1 answer:
Nikolay [14]1 year 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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Sum of two numbers is 84. If one of the numbers exceeds the other by 12, the numbers are
djverab [1.8K]

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Step-by-step explanation:

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5 0
3 years ago
It takes three identical water pumps 8 hours to fill a pool, What is the constant of variation?
BaLLatris [955]

Answer:

Constant of variation is 24.

Step-by-step explanation:

Inverse variation states that a relationship between two variables in which the product is remain constant.

If one variable increases then, the other one decreases in proportion so that the product is unchanged,

if y is inversely proportional to x i.e y \propto\frac{1}{x} or

y =\frac{k}{x} ;where k is the constant of variation.

It is given that 3 identical water pumps takes 8 hours to fill a pool,

since, it will take less time with  more pumps, so it is an inverse variation.

By definition of inverse variation;

time = \frac{k}{pump}

Substitute the values to solve for k;

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Multiply by 3 to both sides we get;

8 \times 3 = \frac{k}{3} \times 3

Simplify:

k = 24

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3 0
3 years ago
Tom had 3 times as many pencils than Max. Tom then gave 24 pencils to Max and they now had the same amount of pencils. How many
coldgirl [10]

Answer:

96

Step-by-step explanation:

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substitute for T in second equation

3M-24=M+24

solve for M

M=48/2; M=24

and T=72

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7 0
2 years ago
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Step-by-step explanation:

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