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Find I. Choose the right answer.

Amount Financed (m) = $2,500
Number of Payments per year (y) = 12
Number of Payments (n) = 36
Total Interest (c) = $158.15

I =
%.

Respuesta :

Aliwohaish12
Hi there

I=(2yc)÷(m (n+1))
I=(2×12×158.15)÷(2,500×(36+1))
I=0.041×100
I=4.1%

Good luck!

Answer:

4.1%

Step-by-step explanation:

Given :

Amount Financed (m) = $2,500

Number of Payments per year (y) = 12

Number of Payments (n) = 36

Total Interest (c) = $158.15

To Find : I %

Solution :

Formula : [tex]I=\frac{2yc}{m(n+1)}[/tex]

[tex]I=\frac{2\times12\times158.15}{2500(36+1}[/tex]

[tex]I=\frac{3795.6}{2500\times 37}[/tex]

[tex]I=0.041[/tex]

[tex]I=0.041\times100 = 4.1\%[/tex]

Hence I = 4.1%

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