Question
Price of article = $315.50
Down payment = $31.55
Monthly payment amount = $16.50
Duration of payments = 20 months
True annual interest rate to the nearest tenth= %
Down payment = $31.55
Monthly payment amount = $16.50
Duration of payments = 20 months
True annual interest rate to the nearest tenth= %
Answers
Kuai
P = 315.50
dp = 31.55
mpa = 16.50
n = 20
315.50 -31.55 = 283.95
Mpa * n
16.50 * 20 = 330
Interest = 330-283.95
Interest = 46.05
rate = 46.05/283.95