Finance The formula that approximates the annual interest rate of a monthly installment
Chapter 0, Problem 78(choose chapter or problem)
Finance The formula that approximates the annual interest rate of a monthly installment loan is where is the total number of payments, is the monthly payment, and is the amount financed. (a) Approximate the annual interest rate for a five-year car loan of $28,000 that has monthly payments of $525. (b) Simplify the expression for the annual interest rate and then rework part (a).
Unfortunately, we don't have that question answered yet. But you can get it answered in just 5 hours by Logging in or Becoming a subscriber.
Becoming a subscriber
Or look for another answer