How do you write 2/9 as a %
2 answers:
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Using simple interest, it is found that:
- The total amount paid was of $7,084.8.
- The finance charge was of $584.8.
- The simple interest rate was of 3%.
Simple interest is used when there is a single compounding per time period.
The amount of interest after t years in is modeled by:
In which:
- P is the initial amount.
- r is the interest rate, as a decimal.
In this problem, the amount paid was of 36 monthly payments of
$196.80, hence:
36 x 196.80 = $7084.8.
The total amount paid was of $7,084.8.
The original price is of $6,500, hence the finance charge was of:
7084.8 - 6500 = $584.8.
For interest, we have that:
, hence:
The simple interest rate was of 3%.
More can be learned about simple interest at brainly.com/question/25296782
Basically, we need to plug in the given values for the variables 
and 
into the given expression 
. First off, we can plug in all the given values into the expression, giving us 
. Now, perform the operations on the inside of the parentheses. Doing this, we get 
. Now, we use the distributive property to simplify. This gives us 
. Finally, when we add the two numbers, we get 
. Hope this helped!