Determine whether the triangles are similar.
2 answers:
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Times the bottom equation by -4 to cancel out the x’s.
Add the equations.
Solve for y.
Plug in y to find x.
Add the equations.
Solve for y.
Plug in y to find x.
Answer:
6.9%
Step-by-step explanation:
Interest rate is the one variable in an amortization formula that cannot be determined explicitly. An iterative solution is required, which means the computation must be done by a calculator, spreadsheet, or web site.
My TI-84 TVM Solver tells me that for the given loan amount and payment schedule, the APR is about 6.9%.
