Answer:
0.2682 or 26.82%
Step-by-step explanation:
The monthly interest rate (r) that your friend is willing to pay is:
The following expression converts a monthly interest rate (r) into an annual interest rate (i):
For r = 0.02:
Your friend is willing to pay an annual rate of 0.2682 or 26.82%.
The vertex is
Explanation:
The equation is
To find the vertex, we need the equation in the form of
Dividing each term by 2 in the equation
Now, completing the square by adding and subtracting 1, we get,
The first three terms can be written as ,
Multiplying 2 into the bracket, we get,
This equation is of the form
Now, we shall find the vertex
Thus, and
Thus, the vertex is