Concept explainers
(a)
Approximate the annual interest for a five-year car loan
(a)
Answer to Problem 78E
The annual interest rate for the loan is
Explanation of Solution
Given:
The formula that approximates the annual interest rate
where,
Also the car loan for five years is
The car loan for five years is
Hence the number of payments is
Therefore,
(b)
Simplify the expression for the annual interest rate.
(b)
Answer to Problem 78E
The simplified expression for annual interest rate is
Explanation of Solution
Given:
The formula that approximates the annual interest rate
where,
Reworking the formula,
Chapter A Solutions
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