Mathematics, 13.02.2020 21:23 rishiganesh

WILL MARK BRAINLIEST

A customer buys an automobile from you, the salesman. The price of the car, which includes taxes and license, amounts to $5,955.00. The customer wants to finance the car over 48 months after making a $500 down payment. You inform him that the true annual interest rate is 18%.

To the nearest penny, c = $ .

Total of payments = amount financed + c = $ .

Total of payments ÷ number of payments = monthly payment = $ .

thanks so much!

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Answer from: adam1299

c = $2004.71total of payments = $7459.71monthly payment = $155.41

Step-by-step explanation:

It appears you have a formula for c that is ...

c = iP(n+1)/(2y)

where i is the "true annual interest rate", P is the principal amount financed, n is the total number of payments, and y is the number of payments per year.

Since there is a $500 down payment, the amount financed will be ...

P = $5955 -500 = $5455

The other values in the formula are n=48 and y=12, so we have ...

c = 0.18·$5455(48+1)/(2·12)

c = $2004.71

Then the total of payments is ...

total of payments = P +c = $5455 +2004.71

total of payments = $7459.71

And the monthly payment will be ...

monthly payment = $7459.71/48

monthly payment = $155.41

Comment on the question

We are used to seeing loan questions solved by computing a monthly payment, multiplying that by the number of payments to get a total repaid, then subtracting the loan amount to get the finance charge. Here, it seems you're trying to estimate the finance charge first by using a "true annual interest rate" that appears to have no relation to the (monthly or annual) interest rates usually used in loan formulas.

In conventional terminology, this payment amount corresponds to an APR of 15.96%. The amortization formula usually used would give a monthly payment of $160.24 for a 48-month loan with an APR of 18%.

Answer from: Quest

50% of students voted for candidate b.

Answer from: Quest

Answer

1 number

explanation

if we use a graphing calculator, there is only one such number $c\in[0.5,0.75]$ that satisfies the conclusion of the mean value theorem, that is, a number $c\in[0.5,0.75]$ such that

$f'(c) = \dfrac{f(0.75) - f(0.5)}{0.75-0.5},$

where the right-hand side is the average rate of change of f on the interval [0.5,0.75], which is the slope of the secant line.

in the attached graph, the black line is the secant line which has its slope as the average rate of change of f on [0.5,0.75], while the orange line is the only tangent line to the graph of f in the interval that satisfies the mvt conclusion.

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