Noel Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of $34. What actual yearly interest rate did Noel pay? A. 29.09% B. 68.75% C. 14.55% D. 34.38%I know I'm making this harder than it needs to be, but I really don't understan. Can you please explain how to get the answer? Thanks!!!
Answers
Answer: option C. 14.55%
Explanation:
1) Total payments done:
Down payment + 10×montly payments = $20 + 10×$34 = $20 + $340 = $360
2) Interest paid
Total payments - original price = $360 - $320 = $40
3) Financed amount
Original price - down payment = $320 - $20 = $300
3) Percent interest
(Interest paid / financed amount ) × 100 = ($40 / $300) × 100 = 13.33%
4) Yearly rate
number of months in a year: 12
number of months to pay: 10 + 1 = 11
⇒ (Percent interest / 11) × 12 = (13.33% / 11) × 12 = 14.54%
Note that it has been assumed that the first monthly payment was made one month after the purchase, which leads to a total payment time of 11 months, that is why the divisor (denominator of the fraction is 11 and not 10).
Interest= Principal x Rate x Time or I= PRT
Substitute values: I= [$20 + ($10 x $34)] -320 =$40
P= $320
R=?
T=10 months/year
I=PRT
Since R is a missing term, we will solve for R using this formula: R=I/PT
R= [$20 + ($10 x $34)-320] / ($320 x 10 months)
T=10 months÷12 months=0.83
R= ($40)/ $320 X 0.83
R= 40/ 265.6
R=15.06024096
Related Questions
Reggie can line a football field in 120 minutes. Rosalinda can line a football field in 80 minutes. If they work together, how many minutes does it take them to line a football field?a. 40 minutesb. 80 minutesc. 200 minutesd. 240 minutes HELP?!
Han has 130$ if she saved 25$ per week in how many weeks will she have 600$
3/4 and 7/8 are equivalent fractions. true or false?
Simplify. mn^0 0 1 m mn
Answers
Answer:
You spent 40% of your budget on office supplies.
Step-by-step explanation:
1. First take the total budget:
$25
2. Then take the money you spent on office supplies and divide it by the total budget to find the ratio you spent:
3. Finally multiply the ratio by a hundred to find the percentage of the budget you spent on office supplies:
%
Therefore, you spent 40% of your budget on office supplies.
0.4 x 100% = 40%.
Answers
Answer:
C
Step-by-step explanation:
it makes sense yah?
Answer:
C) Three fourths of the fish he caught were less than 50.5 pounds
Answers
Answer: -4,-3,-2,-1,0,1,2,3
Step-by-step explanation: they are asking you to put all the integers -4 and 4 in ascending order so, you must start from -4 and go up which is moving to the positive side on the number line and end at 4.
the circle. What is the degree measure of central angle
АОВ ?
A. 45
B. 60
C. 90
D. 120
Answers
Answer:
D. 120
Step-by-step explanation:
1/3*360= 120
Option D
x = 8
x = 10
x = 11
Answers
The solution to the given algebraic expression (x - 2)(x + 10) = 13 is x = 3
What is an algebraic equation?
An algebraic equation is the combination of variables and their coefficients(usually numbers) with arithmetic operations. The main purpose of an algebraic expression is to determine the value(s) of the variable(s).
From the given information:
(x - 2)(x + 10) = 13
x² + 10x - 2x - 20 = 13
x² + 8x -20 -13
x² + 8x - 33 = 0 (quadratic equation)
Using the quadratic formula, the values of x are - 11 and 3. Since we are considering only the positive integer only, x = 3
Learn more about algebraic equations here:
#SPJ5
Answer: X=3
Step-by-step explanation:
1. expand the equation
x^2 + 10x -2x -20 = 13
2. Collect like terms
x^2 + 8x - 20 = 13
3. Simplify
x^2 + 8x = 13 + 20
x^2 + 8x = 33
x^2 = 33 - 8x
4. Substitute answers for guess and check
3^2 = 33 - (8 x 3)
9 = 33 - 24
This equation is correct therefore x = 3
Thank you in advance!