answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Phantasy
9 days ago
14

Noel Devine bought a new dishwasher for $320. He paid 20 down and made 10 monthly payments of $34 what actual yearly interest ra

te did Noel pay?
Mathematics
2 answers:
Zina [9.1K]9 days ago
6 0
To begin, we must calculate the financed amount, total payments, and total interest. The financed amount is found by subtracting the down payment from the cost of the dishwasher: 320 - 20 = 300. The total payment is the product of the monthly payment and the number of payments: 34 × 10 = 340. The total interest can be calculated by deducting the financed amount from the total payments: total interest = total payments - amount financed, which leads to total interest = 340 - 300 = 40. Now, to find the annual interest rate, we will use the formula I = (2yc) ÷ (m × (n + 1)), where Y represents the 12 months, C is the total interest of 40, M denotes the amount financed which is 300, and N is the total number of payments which is 10. Plugging in these values results in I = (2 × 12 × 40) ÷ (300 × (10 + 1)) leading us to I = 0.2909 × 100 = 29.09%. I hope this is helpful!
Zina [9.1K]9 days ago
3 0
To determine the interest, we need to apply the following formula: Interest = Principal x Rate x Time or I = PRT. Substitute the values: I = [$20 + ($10 x $34)] - 320 = $40. Here, P = $320, R =?, and T = 10 months/year. Since R is the unknown, we'll find it using the formula R = I/PT. This becomes R = ($20 + ($10 x $34) - 320) / ($320 x 10 months). T = 10 months/12 months = 0.83. Thus, R = ($40)/$320 x 0.83 which simplifies to R = 40/265.6, resulting in R = 15.06024096.
You might be interested in
Holly bought 23 tickets to the baseball game. She got a group rate that gave her $4 off of the regular ticket price for each tic
Leona [9267]

Answer:

The standard ticket price was $12.

Step-by-step explanation:

Let’s denote P the normal ticket price, which would total

23P if she had purchased tickets for that amount.

However, since Holly received a $4 discount on each ticket, her cost for one ticket became

P-4

and with 23 tickets, her total cost was

23(P-4)

amounting to $184; thus, we conclude

23(P-4)=184

we will solve this equation as follows:

23(P-4)=184

23P-4(23)=184

23P-92=184

23P=276

\boxed{ P=12}

Therefore, the regular price amounted to $12.

5 0
1 day ago
Read 2 more answers
A fabric store sells two types of ribbon. One customer buys 3 rolls of the lace ribbon and 2 rolls of the satin ribbon and has a
tester [8820]
Let L represent the yards in a roll of lace ribbon and S represent the yards in a roll of satin ribbon. We can formulate two equations: 3L + 2S = 120 yards (Equation 1) and 2L + 4S = 160 yards (Equation 2). If we multiply Equation 1 by 2 and subtract Equation 2, we have: 6L + 4S = 240 yards (Equation 1) and 2L + 4S = 160 yards (Equation 2). Thus, 4L equals 80 yards, leading to L equating to 20 yards. For Equation 1, substituting gives 3(20 yards) + 2S = 120 yards, leading to 2S equal to 60 yards, so S equals 30 yards. Therefore, a roll of lace ribbon contains 20 yards, while a roll of satin ribbon has 30 yards.
7 0
9 days ago
Joseph and Isabelle left Omyra’s house at the same time. Joseph jogged north at 8 kilometers per hour, while Isabelle rode her b
Leona [9267]
The formula for distance in this scenario is:
d ^ 2 = (12 * 1.5) ^ 2 + (8 * 1.5) ^ 2
Rewriting gives us:
d ^ 2 = (18) ^ 2 + (12) ^ 2
d ^ 2 = 324 + 144
d ^ 2 = 468
d = √(468)
d = 21.63 Km
Answer:
1) She failed to calculate the total distance each had covered in 1.5 hours.
2) She should have applied 12 km for Joseph's distance and 18 km for Isabelle's distance.
8 0
4 days ago
Read 2 more answers
Mr. Torres took his students to the dolphin show. Each row in the stadium has 11 seats. One adult sat at each end of the row, an
PIT_PIT [9117]
I believe there were 5 adults.
8 0
3 days ago
an employer will do a 50% match on your investment to a 401k retirement plan. If you decide to contribute a monthly amount of $2
Zina [9164]

Response:

After 15 years, the balance in the account should be $95,321.85

Detailed explanation:

Based on the provided information, we can summarize as follows:

monthly deposit of $220=R

annual interest rate is set at 2.05%. To find the monthly interest rate, we divide: monthly interest rate= 2.05%/12=0.1708%=0.0017

t=15years×12=180 months

To determine the total amount after 15 years, we can apply this formula:

Ap=R(1-(1+i)∧-t)

             i

Ap=220(1-(1+0.0017)∧-180)

                       0.0017

Ap=162,04

      0.0017

Ap=$95,321.85

The balance in the account after 15 years is $95,321.85

6 0
22 days ago
Other questions:
  • During a catered lunch, an average of 4 cups of tea are poured per minute. The lunch will last 2 hours. How many gallons of tea
    11·1 answer
  • At a small coffee shop, the distribution of the number of seconds it takes for a cashier to process an order is approximately no
    14·1 answer
  • Find x if a =13 and C = 47 need help
    11·1 answer
  • A coordinate plane with a line passing through (negative 3, negative 5), (0, 1), and (2, 5). A function f(x) is graphed. What is
    15·2 answers
  • One division of a large defense contractor manufactures telecommunication equipment for the military. This division reports that
    12·2 answers
  • Solve your formula from problem 12 for m. Then find the taxi driver’s hourly rate of his pickup rate is $2 and he charges $19.50
    15·2 answers
  • Katherine has 32 pop songs and 72 rock songs on her mp3 player that she will be organizing into playlists. She wants to put an e
    11·1 answer
  • You want to find out how sleep deprivation affects motor performance. To study this, you have sleep-deprived subjects (such as p
    9·1 answer
  • For the scotch yoke mechanism shown, the acceleration of point a is defined by the relation a = −1.08sinkt − 1.44coskt, where a
    9·1 answer
  • A coach purchases 47 hats for his players and their families at a total cost of $302. The cost of a small hat is $5.50. A medium
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!