Place each number on the number line. Use the number line to round the numbers to the nearest 1,000
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Suppose he makes the payment with two equal annual instalments, the present value of the amount he is owing is $1,543 , the interest rate is 23.76% = 0.2376.
The amount of payment he makes in two of the periodic payments is given by:
Therefore, in 2 years, the amount he has paid for the tools is 2(1,056.20) = 2,112.40
The amount of payment he makes in two of the periodic payments is given by:
Therefore, in 2 years, the amount he has paid for the tools is 2(1,056.20) = 2,112.40