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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

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

Interest Rate A man purchases a $ 2000 diamond ring for a down payment of $ 200 and monthly installments of $ 88 for 2 y e a r s . Assuming that interest is compounded monthly, what interest rate is he paying?

To determine

To find:

The interest rate.

Explanation

Given:

A man purchases a $2000 diamond ring for a down payment of $200 and monthly installments of $88 for 2years. 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=ImAp=AAdn=m×t

R is the amount of monthly payment,

Ap is the present value of annuity,

A is the actual purchase price,

Ad is the down payment,

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 instalments.

Calculation:

Consider the values, A=$2000, Ad=$200, I=x, m=12 and t=2years.

Ap=AAd=2000200=1800

i=Im=x12

n=m×t=12×2=24

Substitute x12 for i, 24 for n and 1800 for Ap in the formula given below:

R=iAp1(1+i)nR(x)=x12×18001(1+x12)24=x12×1800×(1+x12)24(

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