Using the interest formula, compute the true annual interest rate. loan amount = $9,500 monthly payments = $227.50 time of loan contract = 5 years true annual interest rate (to the nearest tenth) =

The true annual interest rate is 15.3%.

Step-by-step explanation:

Given information: Loan amount = $9,500, Monthly payments = $227.50, Time of loan contract = 5 years.

The formula for monthly payment is

Where, M.P. is monthly payment, P.V. is present value, r is rate of interest, n is number of years.

Using graphing calculator we get

Therefore the true annual interest rate is 15.3%.

3< x< 5

step-by-step explanation:

|x - 4| < 1

there are two solutions, one positive and one negative.   remember to flip the inequality when taking the negative solution

x-4 < 1       x-4 > -1

add 4 to each side

x-4+4 < 1+4       x-4+4 > -1+4

x< 5                 x> 3

3< x< 5