If A college student purchased a used car for $4000. He paid 8% down and then paid 18 monthly payments of $216.79. Determine the
APR of the loan to the nearest one-half of a percent.
1 answer:
There is no explicit formula for interest rate, so it must be found by some sort of solver. Here a TI-84 work-alike calculator financial app has been used to find the interest rate (APR) to be 7.5%.
The loan amount is 4000 less 8% of 4000, which is .08*4000 = 320. That is, the loan amount is 4000 -320 = 3680.
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Answer:
I usually explain even in the answer.
So we use something called distance formula which is branched of Pythagorean theorem.
But we dont need to as it just makes it more complicated. We need to find split into 2 vectors, one vertical, and horizontal. The horizontal is 5 long.
The vertical is 1, you can find them by calculating how long is it and how tall.
Use pythogorean theorem from the formula and do 5^2+1^2 = c^2
25+1 = 26, so the answer is √26
I am pretty sure answer is right. Always take abolute value
<u>√26</u>