*percentage help please*
1 answer:
Answer:
15.84%
Step-by-step explanation:
There is no formula that will tell you the interest rate. It must be computed iteratively or found graphically. A financial calculator can do the work for you.
The parameters this one uses are
- number of payments (24)
- the amount financed (1925 -125 = 1800)
- the monthly payment, negative because it is being paid (-88.00)
- the remaining balance after all payments (0)
- the number of payments per year (monthly = 12)
- the number of times per year interest is compounded (monthly = 12)
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You convert a decimal to a fraction by putting the digits to the right of the decimal point over "1" followed by the same number of zeros. (Most folks learn this in 3rd or 4th grade.)
0.66 = 66/100 . . . . . 2 decimals, so the denominator is 100
Then you reduce the fraction by canceling common factors. It helps to know your times tables and divisibility rules. (Or you can have your calculator do it.)
0.66 = 66/100 = 33/50
1.00 = 100/100 = 1
0.66 = 66/100 . . . . . 2 decimals, so the denominator is 100
Then you reduce the fraction by canceling common factors. It helps to know your times tables and divisibility rules. (Or you can have your calculator do it.)
0.66 = 66/100 = 33/50
1.00 = 100/100 = 1