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1 answer:
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Answer:
Step-by-step explanation:
If than
and
<u>⇒ Switch sides:-</u>
<u />
<u>⇒ Add 1 to both sides:-</u>
<u />
And...
<u>⇒ Add 1 to both sides:-</u>
<u></u>
<u>⇒ Now, Combine the intervals:-</u>
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<u>OAmalOHopeO</u>
Using simple interest, it is found that:
- The total amount paid was of $7,084.8.
- The finance charge was of $584.8.
- The simple interest rate was of 3%.
Simple interest is used when there is a single compounding per time period.
The amount of interest after t years in is modeled by:
In which:
- P is the initial amount.
- r is the interest rate, as a decimal.
In this problem, the amount paid was of 36 monthly payments of
$196.80, hence:
36 x 196.80 = $7084.8.
The total amount paid was of $7,084.8.
The original price is of $6,500, hence the finance charge was of:
7084.8 - 6500 = $584.8.
For interest, we have that:
, hence:
The simple interest rate was of 3%.
More can be learned about simple interest at brainly.com/question/25296782