B. .37%
C. 3%
D. 3.7%
To solve this we are going to use the loan payment formula:
where
is the amount of the regular payment
is the present debt
is APR in decimal form
is the number of payments per year
is the time in years
We know from our problem that Audrey is making a down payment of $4,200.00; since the cost of the car is $32,998.00, the present deb will be the cost of the car minus the down payment, so . We also know that she is going to make monthly payments of $525 for the next five years, so and . Let's replace the values in our formula:
We have two ways of finding the APR: we can solve for in our equation, which is extremely difficult, or we can evaluate the given APRs and check for which one both sides of the equation are almost the same. Since the second is way easier, we are going to use it.
A. 37%
The APR should be in decimal form, so we need to convert it first; to do it we are going to divide the APR by 100%
Let's replace the ARP in decimal form in our equation
Since 529 is not equal to 1059.20, 37% is not the APR of the loan.
B. .37%
- Convert the APR to decimal form
- Replace the APR
Since 525 is not equal to 484.59, .37% is not the APR of the loan.
C. 3%
- Convert the APR to decimal form
- Replace the APR
Since 525 is not equal to 517.46, 3% is not the APR of the loan.
D. 3.7%
- Convert the APR to decimal form
- Replace the APR
Since 525 is almost equal to 526.47, 3.7% is the APR of the loan.
We can conclude that the correct answer is D. 3.7%
We know that Scott has put 6 rows with 5 stickers each.
The total number of stickers available with Scott = 5*6 = 30 stickers
These 30 stickers are now placed in 5 rows with equal number of stickers in each row.
Number of stickers in each row= Total number of stickers available/number of rows
Number of stickers in each row = 30/5 = 6 stickers
Number of stickers in each row now would be = 6 stickers
I understand where the -1/4 comes from . I just don't understand the second answer. I know they used the quadratic formula to get it but I always end up with something to totally different