Concept explainers
The interest rate that Janet has to pay on her car loan.
Answer to Problem 26E
The interest rate that Janet has to pay on her car loan is
Explanation of Solution
Given:
Janet buy a car whose price is
Formula used: The monthly amount payment is,
Where,
Calculation:
The total number of payments is,
Substitute
The value of
Figure (1)
From the graph, the value of monthly interest
Multiply the value of interest rate by a factor
Thus, the interest rate that Janet has to pay on her car loan is
Chapter 12 Solutions
Precalculus: Mathematics for Calculus - 6th Edition
- Calculus: Early TranscendentalsCalculusISBN:9781285741550Author:James StewartPublisher:Cengage LearningThomas' Calculus (14th Edition)CalculusISBN:9780134438986Author:Joel R. Hass, Christopher E. Heil, Maurice D. WeirPublisher:PEARSONCalculus: Early Transcendentals (3rd Edition)CalculusISBN:9780134763644Author:William L. Briggs, Lyle Cochran, Bernard Gillett, Eric SchulzPublisher:PEARSON
- Calculus: Early TranscendentalsCalculusISBN:9781319050740Author:Jon Rogawski, Colin Adams, Robert FranzosaPublisher:W. H. FreemanCalculus: Early Transcendental FunctionsCalculusISBN:9781337552516Author:Ron Larson, Bruce H. EdwardsPublisher:Cengage Learning