When calculating a loan’s effective interest rate, if the nominal rate is 8. 5%, what value of i do you plug into your equatio
1 answer:
The nominal rate to plug in will be 0.085.
Given to us, the nominal rate is 8.5%,
The value to plug into your equation,
The equation can be simple interest or compound interest in both cases the value of the nominal rate to the plugin will be the same.
Thus, the nominal rate is 8.5% can be written as
Hence, the nominal rate to plug in will be 0.085.
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Answer: The starting time is 2:27 and finishing time is 7:09.
Step-by-step explanation: It is given that Ben started from 4th street and he finished at 98th street.
Also, at 3:00, he was on 15th street and at 4:30, he was on 45th street.
That is, time taken to cover (45-15), i.e., 30 streets is 90 minutes, so the time taken to cover 1 street is 3 minutes.
Therefore, Ben covers distance from one street to second in 3 minutes. Since he started from 4th street, and there are 11 streets to cover between 4 and 15, so Ben's starting time was (3:00 - 3×11 min) = 2:27.
And his finishing time was (4:30 + 3×53 min) = 7:09.
Again, the equation that tells us on what street 'N' he was after time 'T' of his starting can be written as
Thus, the starting and finishing time was 2:27 and 7:09 respectively.