Eden finances a purchase of $611.03 by making monthly payments
1 answer:
Answer:
Annual rate of interest will be 132.876 %
Step-by-step explanation:
We have given amount which he has to pay A = $611.03
He does a monthly payment of $26.17
So principle amount P = $26.17
Time = 2.5 years
As payment is done monthly so time period = 12×2.5 = 30 periods
Future amount is given by
%
So annual rate will be 11.07×12 = 132.876%
Annual rate of interest will be 132.876 %
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Second step ⇒ Draw the parabola you think best fits the data.
Which is the red function in the attached figure.
Third step ⇒ Estimate the coordinates of three points on the
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Fourth step ⇒ Substitute the coordinates of the points into the model
y = ax² + bx + c
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Fifth step ⇒ Solve the linear system.
By using the calculator
a = 1 , b = -2 , c = -3
So, the quadratic model for the data is ⇒ y = x² - 2x - 3
There is 5 steps to find the quadratic function that models the data.
First step ⇒ Plot the data pairs (x, y) in a coordinate plane.
which are the blue circles in the attached figure
Second step ⇒ Draw the parabola you think best fits the data.
Which is the red function in the attached figure.
Third step ⇒ Estimate the coordinates of three points on the
parabola, which are (-1, 0), (2, -3), and (5, 12).
Fourth step ⇒ Substitute the coordinates of the points into the model
y = ax² + bx + c
to obtain a system of three linear equations.
a - b + c = 0 ---------(1)
4a + 2 b + c = -3 ---------(2)
25a + 5 b + c = 12 ---------(3)
Fifth step ⇒ Solve the linear system.
By using the calculator
a = 1 , b = -2 , c = -3
So, the quadratic model for the data is ⇒ y = x² - 2x - 3