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8_murik_8 [283]
3 years ago
13

You have just purchased a car and, to fund the purchase, you borrowed $31,000. If your monthly payments are $493.25 for the next

6 years, what is the APR of the loan?
Business
1 answer:
Free_Kalibri [48]3 years ago
7 0

Answer:

4.56%

Explanation:

The annual percentage rate refers to the rate at which the loan amount is equal to the present value of cash flows

In mathematically

Loan amount = Present value of cash flows

Loan amount = Monthly payment × PVAF (rate, number of years)

$31,000 = $493.25 × PVAF (rate, 72 months)

So,

PVAF (rate, 72 months) = 62.8485

And, the monthly rate  is = 0.38%

So, the APR is

= Monthly rate × total number of months in a year

= 0.38% × 12

= 4.56%

The 72 months is

= 6 years × 12 months

= 72 months

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Answer:

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Explanation:

Here are the options to this question :

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Data mining is used to extract useful data from a larger set of any raw data. It is used to find relationship among data.

The store owner found a relationship between A, B and C.

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under the securties act of 1933, which statements are true regarding a regulation D private placement exemption? adveristing per
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Answer:

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Explanation:

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3 0
3 years ago
A process that performs at a 6 sigma level: a. is considered statistically 'perfect' b. has 3.4 defects per million opportunitie
xz_007 [3.2K]

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Six sigma is an effective methodology that helps to reduce cost and decrease cycle time.

It is a methodology that increases productivity and efficiency in process, it also reduces the amount of defects and helps to eliminate it.

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