Given:
Future value, F=60508.29
Monthly payment, A = 165
Compounding period = month
Number of periods, n = 12*12=144
interest per period = i [ to be found ]
We have the relationship
F=A((1+i)^n-1)/i
but there is no explicit formula for i for given F, A and n.
We need to solve a non-linear equation for the value of i, the monthly interest rate.
One of the ways is to solve it by fixed iteration, i.e.
1. using the given relation, express i in terms of other parameters.
2. select an initial value of i
3. evaluate i according the equation in step 1 until the value is stable.
Here we will use the relationship to express
i=((60508.29*i)/165+1)^(1/144)-1 [ notice that i is on both sides of = sign ]
using an initial value of i=0.01 (about 1% per month).
Successively, we get
i=((60508.29*0.01)/165+1)^(1/144)-1=0.01075571
i=((60508.29*0.01075571)/165+1)^(1/144)-1=0.011160681, similarly
i=0.0113685
i=0.0114728
i=0.0115246
i=0.0115502
i=0.0115628
i=0.0115690
i=0.0115720
Assuming the above has stablilized, and the APR is 12 time the above value, namely
Annual percentage rate = 0.01157205998210142*12=0.13886=13.89%
The stage in a work-unit activity analysis that focuses on the product, information, or service provided is the output phase, This is further explained below.
<h3>What is the output phase?</h3>
Generally, the output phase is simply defined as manufacturing or output in general.
In conclusion, The final deliverable is defined. The method of measuring the output is investigated.
Read more about the output phase,
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Answer:
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Explanation:
The term is "selection".
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People going on strikes and boy cotting.
Hope this helps
