Amount Financed (m) = $2,500
1 answer:
Answer:
I ≈ 4.0248%
Step-by-step explanation:
The total amount repaid is ...
$2500 +158.15 = $2658.15
so the monthly payment is
$2658.15/(36 mo) = $73.8375/mo
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There is no analytic method by which the interest rate can be calculated, so it must be found by other means, typically by a financial calculator or graphing calculator. The attached shows a graphing calculator result for the interest rate necessary to obtain the above monthly payment, along with a refinement of the result using Newton's Method iteration.
The annual interest rate must be about 4.0248% in order for the total interest on that loan to be $158.15.
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Answer:
width = 16 cm
length = 19 cm
Step-by-step explanation:
Let the width be x cm.
Given that length is 3 cm more than width then
length = x+3 cm
area of rectangle = 304 square cm. -----1
area of rectangle is given by
area =length * width
substituting from equation 1 and length and width in terms of x we have
304 = x(x+3)
As length cannot be negative hence x = 16
Thus width = x = 16 cm
length = x+3 = 16+3 = 19 cm