Estimate the annual percentage rate

Assignment Help Mathematics

Reference no: EM13207218

Suppose you purchase a set of living room furntiure for $1700. You pay 20% down and sign a contract to repay the balance in 18 equal monthly payments. The finance charge on the balance is 7% simple interest. Estimate the annual percentage rate (APR) to the nearest tenth of a percent.

Reference no: EM13207218

Questions Cloud

Explain how knowledge of the evaluator should influence : Describe two or three of your biggest challenges in writing cover letters and resumes and explain how knowledge of the evaluator should influence a person's writing of the resume or cover letter.

How many miles did each ship travel : Two ships leave port at the same time, one heading due south and the other heading due east. Several hours later they are 170 miles apart. If the ship traveling south traveled 70 miles farther than the ship traveling east, how many miles did each ..

Despite cultural domination instituted by european traders : Considering the power of the native societies represented in symbolic images such as the Goddess Coatlicue statue, how do you think the European conquerors were able to overtake these cultures?

Explain how to draw a set of indifference curves : Shirley loves peanut butter and jelly sandwiches. However she must have the proportions of peanut butter to jelly exactly right and she always uses 3 tablespoons of peanut butter and 2 tablespoons of jelly when making her sandwiches.

Estimate the annual percentage rate : Suppose you purchase a set of living room furntiure for $1700. You pay 20% down and sign a contract to repay the balance in 18 equal monthly payments. The finance charge on the balance is 7% simple interest. Estimate the annual percentage rate (AP..

Write an equation representing the amount of money the class : Write an equation representing the amount of money the class will make based on the number of tons of newspapers collected.

Is it possible for a number to satisfy both an equation : How can you determine when a number is not a solution to an inequality? How does this differ from analyzing if a number is a solution to an equation? Is it possible for a number to satisfy both an equation and an inequality?

What is the required endowment of engineering firm : An engineering firm wants to sponsor a new lab at the local university. This requires $2.5 Million to construct the lab, $1.2 Million to equip it, and $600,000 every 5 years for new equipment. What is the required endowment if the university will ..

What lump sum must he donate to the university : A professor is retiring and wants to endow a faculty position in his honor. It is expected that the endowment will need to cover an annual cost of $100,000. What lump sum must he donate to the university if the endowment will earn 10% interest

User Account

All Pages