Answer:
<em>Maximum Interest rate R≈0.06167 ≈0.6167 % </em>
Explanation:
Answer:
Explanation:
Let: P be the loan amount(P=$100000), R be rate(R=?), I be interest after 10yrs(I=?), T to be time to repay (t=10yrs 12=12months: <em>since a certain amount is set up on a monthly bases for the purpose of payment, we assume a monthly rate</em>)
To get the interest I paid at the end of 10yrs, do the following:
let total lump sum repayable be TL
∵TL=$1450x12monthsx10yrs=$174000
Hence,
I=$174000-$100000=$74000
Using R=
where I=$74000, P=$100000 and T=10*12=120months
R=
=0.006167
R≈0.006167
multiplying R by 100, we have R in percentage as,
<em><u>R≈0.6167 % Interest rate</u></em>
Answer:
a it could be sea but I'm pretty sure it's a but I don't take business so you might not want to trust me
i think its stick your middle fingers up in the sky and at these moderators hell yeah!!!!!
Answer:Advantages of installment payment for your big-ticket spending
Installment allows you to spend smart. If you have the funds, you can always purchase and pay in full. ...
You can make unexpected purchases or payments without putting a dent on your budget. ...
You get to track your finances better. ...
It enables you to stretch the cost of your purchases over a manageable period of time
Explanation: