Visit the official Florida _____ page to find all the driving laws and information you need to know for the Class E knowledge ex
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This question can be approached using the present value of annuity formula. The present value of annuity is given by 
, where: PV is the present value/amount of the loan, P is the periodic (monthly in this case) payment, r is the APR, t is the number of payments in one year and n is the number of years.
Given that the<span> financing is for a new road bike of $2,500 and that the bike shop offers a 13.5% APR for a 24 month loan.
Thus, PV = $2,500; r = 13.5% = 0.135; t = 12 payments (since payment is made monthly); n = 2 years (i.e. 24 months)
Thus,
</span>
<span>
Therefore, his monthly payment is $119.44</span>
Given that the<span> financing is for a new road bike of $2,500 and that the bike shop offers a 13.5% APR for a 24 month loan.
Thus, PV = $2,500; r = 13.5% = 0.135; t = 12 payments (since payment is made monthly); n = 2 years (i.e. 24 months)
Thus,
</span>
<span>
Therefore, his monthly payment is $119.44</span>
Answer:
<h2><em><u>5.71</u></em><em><u>%</u></em></h2>Step-by-step explanation:
<em><u>Given</u></em><em><u>,</u></em>
Cost price of the car when Arjun bought = ₹ 3,50,000
Cost price of that same car after 1 year = ₹ 3,70,000
<em><u>So</u></em><em><u>,</u></em>
Amount of money increased on the car's price
= ₹ (3,70,000 - 3,50,000)
= ₹ 20,000
<em><u>Therefore</u></em><em><u>,</u></em><em><u> </u></em>
Percentage of increase on the car's price
- <em>[</em><em>On</em><em> </em><em>Simplification</em><em>]</em>
- <em>[</em><em>On</em><em> </em><em>further</em><em> </em><em>Simplification</em><em>]</em>
= 5.7142......
= 5.71 (approx.)
<em><u>Hence</u></em><em><u>,</u></em>
<em><u>Percentage</u></em><em><u> </u></em><em><u>in</u></em><em><u> </u></em><em><u>increase</u></em><em><u> </u></em><em><u>of</u></em><em><u> </u></em><em><u>car's</u></em><em><u> </u></em><em><u>price</u></em><em><u> </u></em><em><u>was</u></em><em><u> </u></em><em><u>5.71</u></em><em><u>%</u></em><em><u> </u></em><em><u>(</u></em><em><u>Ans</u></em><em><u>)</u></em>