You buy a $20,000 piece of equipment for nothing down and $4000 per year for 6 years. What interest rate are you paying? The formula relating present worth P, annual payments A, number of years n, and interest rate i is A = P i ( 1 + i ) n ( 1 + i ) n − 1
You buy a $20,000 piece of equipment for nothing down and $4000 per year for 6 years. What interest rate are you paying? The formula relating present worth P, annual payments A, number of years n, and interest rate i is A = P i ( 1 + i ) n ( 1 + i ) n − 1
You buy a $20,000 piece of equipment for nothing down and $4000 per year for 6 years. What interest rate are you paying? The formula relating present worth P, annual payments A, number of years n, and interest rate i is
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY