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timama [110]
2 years ago
15

An auto dealership is advertising that a new car with a sticker price of $35,208 is on sale for $25,995 if payment is made in fu

ll, or it can be financed at 0% interest for 72 months with a monthly payment of $489. Note that 72 payments × $489 per payment = $35,208, which is the sticker price of the car. By allowing you to pay for the car in a series of payments (starting one month from now) rather than $25,995 now, the dealer is effectively loaning you $25,995. If you choose the 0% financing option, what is the effective interest rate that the auto dealership is earning on your loan?
Mathematics
1 answer:
frutty [35]2 years ago
6 0

The answer is: APR = 10.56%

Explanation:   Using an excel spreadsheet and the RATE function, we can calculate the monthly interest rate of buying the car:

=RATE(72,-489,25995)

= 0.8803% monthly interest rate

Then we multiply the monthly interest rate by twelve to get the APR:

APR = 0.8803% x 12 = 10.56%

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Which expression is equivalent to -18a^-2b^5/-12a^-4b^-6
crimeas [40]

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Step-by-step explanation:

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2 years ago
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4 0
3 years ago
Read 2 more answers
Jane is saving to buy a cell phone. She is given a $100 gift to start and saves $35 a month from her allowance. So after 1 month
Slav-nsk [51]

Yes, it makes sense to represent the relationship between the amount saved and the number of months with one constant rate. The relationship is 35x+ 100.

<h3>Relationship between the amount saved and the number of months</h3>

After 1 month, Jane will  saved=$35+$100

After 1 month, Jane has saved=$135

Hence,

Let x represent  the number of months

Since every month she saved $35 which inturn means that in x number of months she can save 35x. Based on this the relationship between the amount saved and the number of months  is 35x +100.

Therefore it makes sense to represent the relationship between the amount saved and the number of months with one constant rate. The relationship is 35x+ 100.

Learn more about  Relationship between the amount saved and the number of months here:brainly.com/question/13199011

#SPJ1

4 0
1 year ago
Explain this to me? Worth 25 pts
ycow [4]
I believe it is going to be 60
7 0
3 years ago
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