Melissa Costouras obtains a $3,000 loan for darkroom equipment. She makes six monthly payments of $511.18. Determine the APR.
1 answer:
Using the simple interest formula, it is found that the APR for the loan is of 4.472%.
<h3>What is the simple interest formula and when it is used?</h3>Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
The parameters for this problem are:
A(t) = 6 x 511.18 = 3067.08, A(0) = 3000, t = 0.5.
We solve the equation for r to find the APR.
1 + 0.5r = 1.02236
r = (1.02236 - 1)/0.5
r = 0.04472.
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Answer:
Step-by-step explanation:
→ First understand what Pythagoras theorem is
Pythagoras is a theorem used to find the hypotenuse (the side opposite to the right-angle) of a triangle. We would need the base lengths as well the height in order to use Pythagoras.
→ State the formula and identify the letters
a² + b² = c² ⇒ where 'a' is 380cm, 'b' is 290cm and 'c' is what we are trying to work out
→ Substitute in the values into the formula
380² + 290² = c²
⇒ Simplify
144400 + 84100 = c²
⇒ Collect the numbers together
228500 = c²
⇒ Square root both sides to find 'c'
478.0167361 = c
→ The length of the diagonal is 478.02