FINANCE In Exercises 99 and 100, the formula thatapproximates the annual interest rate
Chapter 0, Problem 100(choose chapter or problem)
FINANCE In Exercises 99 and 100, the formula thatapproximates the annual interest rate of a monthlyinstallment loan is given byr[24NM PN ]P NM12 rwhere is the total number of payments, is the monthlypayment, and is the amount financed.(a) Approximate the annual interest rate for a fiveyearcar loan of $28,000 that has monthlypayments of $525.(b) Simplify the expression for the annual interest rater and then rework part (a).
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