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: The required ratio would be 3 miles : 4 minutes.
Step-by-step explanation:
Since we have given that
Speed of a cheetah = 45 miles per hour
So, it means
Distance = 45 miles
Time = 1 hour = 60 minutes
So, the ratio of the distance it travels to the time it takes would be
Distance : Time
Hence, the required ratio would be 3 miles : 4 minutes.