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Savatey [412]
1 year ago
9

A car that retails for $14,999 has a sticker on the windshield that says, "$429/mo for 48 months." What interest rate is this ca

r financed at?
Mathematics
2 answers:
kkurt [141]1 year ago
4 0
14,999(1+.o825)^4= 20,595. $429x48 months= 20,592
Interest rate 8 1/4%

Check 20592/14999= 1.37289
Log(1.37289)/ log(1.0825)= 3.99 years
Vlad1618 [11]1 year ago
3 0

Answer:

r=8.2%

Step-by-step explanation:

A car that retails for $14,999 has a sticker on the windshield that says, "$429/mo for 48 months." What interest rate is this car financed at?

from compound interest formula

A=P(1+r%)^n

The parameters are

A=amount, 429*48=20592

n=48 months, 4 years

r%=?

P=14999

20592=14999(1+r%)^4....dividing both sides by 14999

1.372=(1+r%)^4

find the fourth root of both sides

1+r%=1.082

r%=0.082

r=8.2%

the interest fate on the car will be the above.

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Hey there!

Before you start solving anything, you need to identify which situation you want to call event A and which you want to call event B. I usually just do it in the order of the events as they're given to me in the question, so:

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Any problems that contain the word "given" in the question portion will want you to refer to </span>P(A | B)<span> = P(</span>A ∩ B)/P(B). P(A | B) literally means "probability of event A, given that event B has occurred." P(A ∩ B) is the probability of event A and B happening, and P(B) is just the probability of event B happening. We've been given all of that, so:

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Alina [70]

Answer:

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8 0
2 years ago
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