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Using simple interest, it is found that:
- The total amount paid was of $7,084.8.
- The finance charge was of $584.8.
- The simple interest rate was of 3%.
Simple interest is used when there is a single compounding per time period.
The amount of interest after t years in is modeled by:
In which:
- P is the initial amount.
- r is the interest rate, as a decimal.
In this problem, the amount paid was of 36 monthly payments of
$196.80, hence:
36 x 196.80 = $7084.8.
The total amount paid was of $7,084.8.
The original price is of $6,500, hence the finance charge was of:
7084.8 - 6500 = $584.8.
For interest, we have that:
, hence:
The simple interest rate was of 3%.
More can be learned about simple interest at brainly.com/question/25296782
Addition property of equality
Division property of equality
<em><u>Solution:</u></em>
<em><u>Given inequality is:</u></em>
3x - 2 > 4
Here, Addition property of equality is used
When the same amount is added to both sides of an inequality, then the inequality is still true
3x - 2 + 2 > 4 + 2
3x > 6
Here, Division property of equality is used
When we divide both sides of an equation by the same nonzero number, the sides remain equal.
Thus the property used in each step of solving the inequality is found