Answer:
15.14%
Step-by-step explanation:
The formula for APR is stated thus:
APR=fees+interest/principal/n*365*100
principal is the loan amount of $700
fees is the processing fees on the loan which is $50
interest amount=principal*interest %=$700*8%=$56
n is the number of days of the loan which is a year i.e 365 days
APR=($50+$56)/$700/365*365*100
APR=$106/$700/365*365*100
APR=0.151428571
/365*365*100
APR=0.151428571
*100=15.14%
The annual percentage rate on the loan is 15.14% which represents the actual cost on the loan not just the interest cost of 8% annually
Answer:
x = 7
y = 0
Step-by-step explanation:
→To solve this, you can use the elimination method. To do this, you must have one set of variables that can cancel each other out. In the problem given, we already have positive 4x and -4x, making them cancel out:
4x + 9y = 28
-4x - y = -28
__________
8y = 0
y = 0
<u>→Plug in 0 for y, into an equation:</u>
-4x - 0 = -28
-4x = -28
x = 7
Answer:
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Step-by-step explanation: