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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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Chapter
Section
BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

Interest Rate Janet’s payments on her $ 12 , 500 car are $ 420 a month for 3 y e a r s . Assuming that interest is compounded monthly, what interest rate is she paying on the car loan?

To determine

To Find:

The interest rate paid by Janet on the car loan.

Explanation

Given:

Janet’s payments on her $12,500 car are $420 a month for 3years. Interest is compounded monthly.

Approach:

Solve for i in the installment buying formula,

R=iAp1(1+i)n, using a graphing device to graph R as a function of the interest rate x.

i=Imn=m×t

R is the amount of monthly payment,

Ap is the present value of annuity,

i is the interest per time period,

I is the interest rate,

m is the no. of period,

t is the time-period in years and

n is the total number of installments.

Calculation:

Consider the values, Ap=$12,500, I=x, m=12 and t=3years.

i=Im=x12

n=m×t=12×3=36

Substitute x12 for i, 36 for n and 12500 for Ap in the formula given below:

R=iAp1(1+i)nR(x)=x12×125001(1+x12)36=x12×12500×(1+x12)36(1+x12)361

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