Answer:
13402
Step-by-step explanation:
PV= $299,132
I/YR= 4.48% or 0.0448
N= 216
PMT= $13402
(Excel works great with this and will solve it for you, use the PMT function and insert the numbers provided. It will show a (-) but that is because a positive PV is placed.)
Use two points to find the slope
The answer is 7% because the sale amount was .70 cents.
If you have at least as many equations as your have unknown variables, the 'system' is solvable (unless the equations are copies of eachother).
In this case, isolate one letter and plug it in the other. I'm going for the 2a in the bottom one (it doesn't matter)
2a - 4b = 12 => (divide by two and move the b's to the other side)
a = 6 + 2b. (plug this one into the top equation)
4(6+2b) + 6b = 10 => 24+8b+6b = 10 => 24 + 14b = 10 => 14b = -14 => b=-1
a = 6 + -2 = 4.
So a=4 and b=-1.
