Mathematics, 21.09.2019 15:30 yvngtazz
16. john bought a used truck for $4,500. he made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. the extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?
a. 33%
b. 3.6%
c. 63%
d. 36%
Answers: 2
![PV=P[\frac{1-(1+r)^{-n}}{r}],\text{where r is the rate of interest per month}\\\\\Rightarrow3000=350[\frac{1-(1+r)^{-10}}{r}]\\\\\Rightarrow\frac{60}{7}=[\frac{1-(1+r)^{-10}}{r}]\\\\\Rightarrow\frac{60}{7}r=1-(1+r)^{-10}\\\\\Rightarrow\frac{60}{7}r=\frac{(1+r)^{10}-1}{(1+r)^{10}}\\\Rightarrow\frac{60}{7}r(1+r)^{10}=(1+r)^{10}-1\\\Rightarrow\frac{60}{7}r(1+r)^{10}-(1+r)^{10}+1=0](/tpl/images/0249/6885/c815d.png)
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16. john bought a used truck for $4,500. he made an agreement with the dealer to put $1,500 down and...
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