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Gnom [1K]
3 years ago
14

0.075,0.75%, 3/4.. Which of the following correctly orders the values above from least to greatest

Mathematics
1 answer:
WINSTONCH [101]3 years ago
6 0

Answer:

0.075,3/4,0.75

Step-by-step explanation:

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Davis is buying a new car for $21,349.00.He plans to make a down payment of $3,000.00.If he's to make monthly payments of $352 f
nekit [7.7K]
He actually borrowed P=21349-3000=18349 (present value)
Assume the monthly interest is i.
then future value due to loan:
F1=P(1+i)^n=18349(1+i)^(5*12)=18349(1+i)^60
future value from monthly payment of A=352
F2=A((1+i)^n-1)/i=352((1+i)^60-1)/i
Since F1=F2 for the same loan, we have
18349(1+i)^60=352((1+i)^60-1)/i
Simplify notation by defining R=1+i, then
18349(R^60)-352(R^60-1)/(R-1)=0
Simplify further by multiplication by (R-1)
f(R)=18349*R^60*(R-1)-352(R^60-1)=0
Solve for R by trial and error, or by iteration to get R=1.004732
The APR is therefore
12*(1.004732-1)=0.056784, or 5.678% approx.




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To round to the nearest ten million, you look at the millions digit. In this case, the millions digit is 1, which is less than 5, so you round the number down to 4,320,000,000.
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