Interest rate is the one variable in an amortization formula that cannot be determined explicitly. An iterative solution is required, which means the computation must be done by a calculator, spreadsheet, or web site.
My TI-84 TVM Solver tells me that for the given loan amount and payment schedule, the APR is about 6.9%.
The central tendency researcher use to describe these data is "mode".
<h3>What is mode?</h3>
The value that appears most frequently in a data set is called the mode. One mode, several modes, or none at all may be present in a set of data. The mean, or average of a set, and the median, or middle value in a set, are two more common measurements of central tendency.
Calculation of mode is done by-
The number that appears the most frequently in a piece of data is its mode.
Put the numbers in ascending order by least to greatest, then count the occurrences of each number to quickly determine the mode.
The most frequent number is the mode.
Simply counting how many times each number appears in the data set can help you identify the mode, which is the number that appears the most frequently in the data set.
The figure with the largest total is the mode.
Example: Since it happens most frequently, the mode for the data set [5, 7, 8, 2, 1, 5, 6, 7, 5] is 5.
The constant term is 290. This is the term that stays the same no matter what the value of 'a' happens to be. Contrast this with the variable term 2.50a which changes if 'a' changes (hence the name "variable" for "vary" or "change")
If Mike sold 0 accessories, then a = 0 and the expression would be
2.50*a + 290 = 2.50*0 + 290 = 290
Selling 0 accessories leads to $290. This is the amount he is guaranteed with the 2.50a portion being additional money to motivate him to sell more.