You really want to buy a used car for $11,000, but can only afford $200 a month. What interest rate would you need to find to be
able to afford the car, assuming the loan is for 60 months? is the answer 0.03% which formula would you use? I am doing too many to get the correct answer.
1 answer:
Answer:
3.48%
Step-by-step explanation:
Interest rate is the one variable in the amortization formula that cannot be solved for directly. An iterative or graphical approach is needed. There is no formula. Financial calculators, financial apps, and spreadsheets are all able to do this calculation.
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In the attached, we have used a graphing calculator to find the value of interest rate (in %) that makes the loan payment be $200 for a loan of $11,000. It shows us the rate is 3.48%. (A financial calculator confirms this value.) The x-intercept in the graph is the interest rate that makes the difference between the payment and $200 be zero. In our formula for the payment, we have used t for years. 60 monthly payments is 5 years.
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Answer:
The equation to describe the situation is
And, the total weight of the basket of apples was <u>20 pounds</u>.
Step-by-step explanation:
<u><em>The question is incomplete so, the complete question is below:</em></u>
Liang bought a basket of apples to make pies for her friends. The basket of apples weighed p pounds. Before she had time to make the pies, she ate 3 pounds of apples. There are 17 pounds of apples left to make pies. Write an equation to describe this situation. What was the total weight of the basket of apples?
Now, to write an equation to describe the situation. And to find the total weight of the basket of apples.
So, the basket of apples total weighed =
Liang ate apples weighed = 3 pounds.
And the apples left for the pies weighed = 17 pounds.
Now, to write an equation describing the situation:
<u><em>Thus, the equation is </em></u><u><em /></u>
Now, to get the total weight of the basket of apples:
<u><em>Hence, the basket of apples total weighed = 20 pounds.</em></u>
Therefore, the equation to describe the situation is
And, the total weight of the basket of apples was 20 pounds.