Find I. Choose the correct answer. Amount Financed (m) = $1,400 Number of Payments per year (y) = 12 Number of Payments (n) = 24

Question

Sav [38]

3 years ago

6

Find I. Choose the correct answer. Amount Financed (m) = $1,400 Number of Payments per year (y) = 12 Number of Payments (n) = 24

Total Interest (c) = $200.50
I =

Mathematics

2 answers:

kirill115 [55] · Answer 1 · 2022-06-14T02:00:48+03:00

kirill115 [55]3 years ago

8 0

Hi there!

The answer to your problem is I = 13.7%

Your friend, ASIAX

Ugo [173] · Answer 2 · 2022-06-14T00:30:03+03:00

If m is the amount financed and P is the periodic payment, m = P\cdot\dfrac{1 - v^{n}}{i}. This is the standard formula for periodic payment over time for level interest. You are given m = 1400 You are given n = 24 You are ALMOST given P. You can figure it out. P = (1400 + 200.50)/24 = 1600.50/24 = 66.69 You're almost done. There are two things yet to do.