Answer:
Step-by-step explanation:Here's link to the answer:ly/3fcEdSx
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You are going to buy a new car worth $25,800. The dealer computes your monthly payment to be $509.55 for 60 months of financing.
What is the dealer's effective rate of return on this loan transaction? The dealer's effective rate of return is 1 1%. (Round to one decimal place.)
1 answer:
Answer:
6.9%
Step-by-step explanation:
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%.
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Answer: At $21.85, the supply will equal to demand.
Step-by-step explanation:
Since we have given that
Demand function is given by
Supply function is given by
According to question, we need to find the price for which the supply equals the demand, i.e. Equilibrium price and quantity.
So, at $21.85, the supply will equal to demand.