Answer:
the annual interest rate is 7.583%
Step-by-step explanation:
We are given
Summer has an offer to buy an item with a sticker price of $13,200
so, we have
P=13200
paying $460 a month for 36 months
so, we can find total amount
Let's assume
annual interest is r
total time =36 months
so, total number of years =3
Since, it is compounded monthly
so, n=12
now, we can use formula
now, we can plug values
now, we can solve solve for r
So, the annual interest rate is 7.583%
Answer:
5 hours
Step-by-step explanation:
subtract 390 by 215 to get 175 then divide 175/35 to get 5
Answer:
The new rate would be 3.75%
Step-by-step explanation:
Purchasing a point simply implies negotiating for a lower rate of interest, which involves paying 1% of the loan in lieu of 1% interest reduction.
A point implies a reduction in interest rate by 0.25% while 3 points would reduce the interest rate by 0.75%(0.25%*3)
New interest rate=4.5%-0.75%=3.75%
Converting a fraction such as 37/100 into<span> a percent is pretty easy. All </span>you have<span> ... </span>When you enter 37/100 into the above formula<span>, </span>you get<span> (</span>37/100)*100 which calculates<span> to: </span>37<span>% Note: When Research Maniacs </span>calculated 37/100<span> as a percent, we rounded the answers to nine digits after the decimal point </span>
