Concept explainers
The interest rate of an item in the departmental store.
Answer to Problem 27E
The interest rate for that item in the departmental store is
Explanation of Solution
Given:
The price of an item in the departmental store is
Formula used: The monthly amount payment is,
Where,
Calculation:
Substitute
The value of
Figure (1)
From the graph the value monthly interest
Multiply the value of interest rate by a factor
Thus, interest rate for that item in the departmental store is
Chapter 12 Solutions
Precalculus: Mathematics for Calculus - 6th Edition
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