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.
<h2>
Answer:</h2>
7/200 as a decimal is <em>0.035</em>
<h2>
Step-by-step explanation:</h2>
Simply divide the numerator by the denominator:
= 7/200
= 7 ÷ 200
= 0.035
Number 9 is no because if you were to divide that it be a decimal and a decimal is an irrational number.
Number 10 is yes. When divide 2 by 5 you get 0.4 which is a terminating number because it never ends
Answer:
It's the second answer 0.44444444%.
Answer:
1x-72
Step-by-step explanation:
-36x2= -72
6x-72/6x
6x/6x=1x
1x-72
