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mezya [45]
3 years ago
14

16. John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for t

he next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?
A. 33%
B. 3.6%
C. 63%
D. 36%
Mathematics
2 answers:
jok3333 [9.3K]3 years ago
5 0

Answer:  D is the correct option. The extra cost paid by taking this deal is equivalent to the actual yearly rate of interest=36%


Step-by-step explanation:

Given: Price of used truck bought by John=$4500

As John made an agreement with the dealer to put $1,500 down payment

Therefore the present value of annuity (PV)=$4500-$1500=$3000

with periodic payment=$350 , time =10 months

Using formula for present value of annuity, we get

PV=P[\frac{1-(1+r)^{-n}}{r}],\text{where r is the rate of interest per month}\\\\\Rightarrow3000=350[\frac{1-(1+r)^{-10}}{r}]\\\\\Rightarrow\frac{60}{7}=[\frac{1-(1+r)^{-10}}{r}]\\\\\Rightarrow\frac{60}{7}r=1-(1+r)^{-10}\\\\\Rightarrow\frac{60}{7}r=\frac{(1+r)^{10}-1}{(1+r)^{10}}\\\Rightarrow\frac{60}{7}r(1+r)^{10}=(1+r)^{10}-1\\\Rightarrow\frac{60}{7}r(1+r)^{10}-(1+r)^{10}+1=0

On solving the equation with the help of calculator ,we get r=0.029≈0.03=3%

Therefore, the actual yearly rate of interest= 12×3%=36%

nikklg [1K]3 years ago
3 0
10*350= 3500
Total amount paid- 1500+3500= 5000
So an amount of $5000 was paid to cover the cost of $4500 within the 10 month period.

So you answer is A. 33%
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And replacing we got:

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The binomial distribution is a "DISCRETE probability distribution that summarizes the probability that a value will take one of two independent values under a given set of parameters. The assumptions for the binomial distribution are that there is only one outcome for each trial, each trial has the same probability of success, and each trial is mutually exclusive, or independent of each other".

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And replacing we got:

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6 0
2 years ago
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