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Misha Larkins [42]
2 years ago
9

Use the constant ratio formula to find the approximate annual percentage rate to the nearest tenth of a percent for a $2000 loan

repaid in 12 payments with an interest charge of $180
Mathematics
1 answer:
prisoha [69]2 years ago
8 0

Answer:

  16.6%

Step-by-step explanation:

The constant ratio formula tells you the amount of total interest is ...

  I = Br(n+1)/(2m)

where B is the loan amount, r is the approximate APR, n is the number of payments, m is the number of payments per year.

Filling in the given values and solving for r, we get ...

  180 = 2000r(12 +1)/(2·12)

  180 = 26000r/24

  r = 180·24/26000 ≈ 0.16615 ≈ 16.6%

The approximate annual percentage rate is 16.6%.

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We'll use PEMDAS which stands for

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It tells us the order in how to evaluate math expressions. We start with parenthesis, then move to exponents, etc until we get to subtraction as the last step.

We have parenthesis so we focus on whats inside it. We evaluate 2^0 to get 1. Any nonzero number to the exponent 0 is always 1. In other words, x^0 = 1 where x is nonzero.

So 3(2^0) turns into 3(1) or 3*1

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Answer:

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Step-by-step explanation:

we know that

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