With interest of $1,832.00 and a principal of $16,000 for 206 days, use the ordinary interest method to determine the rate.
2 answers:
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Answer:
8696.10
Step-by-step explanation:
If a car depreciates by 7% each year, this means that 7% of its value that year is subtracted from its previous value. In other words, you can multiply its value by (1-0.07)=0.93.
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