For this problem you would simply multiply the number 62 by 1.25. I hope this helps, and if so have a nice day! If you have further questions please ask. =)
1/10 = .1
__ x .1 = .0 49
__ = .49
.049 divided by .1 = .49
Hope this helps c:
<span>The owner of a automobile repair center purchased new electronic diagnostic equipment for $12000. He paid 10 pERcent down and then paid 60 pAYMENTS monthly of $203.81.
Net loan, P=12000*0.9=10800
Monthly payment, A=203.81
Number of payments, n=60
Let i=APR
A=P(i/12*(1+i/12)^n)/((1+i/12)^n-1)
Substituting values
203.81=10800(i/12*(1+i/12)^60)/((1+i/12)^n-1)
=>
12*203.81/10800=i(1+i/12)^60/((1+i/12)^60-1)
To solve for i, we form the iterative equation:
</span>(1+i/12)^60=(12*203.81/10800)/i*((1+i/12)^60-1)
i=12*(12*203.81/10800*((1+i/12)^60-1)/i)^(1/60-1)
try i=0.05,
f(0.05)=0.05
Therefore the APR is 5%
