Question

Find I. Choose the correct answer.

Amount Financed (m) = $1,400
Number of Payments per year (y) = 12
Number of Payments (n) = 24
Total Interest (c) = $200.50

Answer 1

I = Prt

200.5 = 1,400 * R * 2

200.5 = 2,800R

0.0716 = R

7.16% = R

Answer 2

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