The formula that approximates the annual interest rate of a monthly installment loan is given by:
?
where N is the total number of payments, M is the monthly payment, and P is the amount financed. Simplify the expression for the annual interest rate r, and then approximate the annual interest rate for a five-year car loan of $28,000 that has monthly payments of $600. (Round your answer to two decimal places.)
?
A. 
B. ?
C. ?
D. ?
E. ?
Answer: B
Mathematics
You might also like to view...
Find the y-intercepts for the parabola whose equation is given. If the y-intercepts are irrational, round your answers to the nearest tenth.y = x2 + 4x
A. y-intercept (0, 0) B. No y-intercept C. y-intercept (0, 4) D. y-intercepts (0, 0) and (-4, 0)
Mathematics
Identify the figure and name it using the labels shown.
A. ?CA
B. ray CA, or 
C. line CA, or 
D. line segment CA, or 
Mathematics
Solve the rational inequality. Express the solution in interval notation.
> 0
A. (-5, 4) ? (4, 5) B. (-?, -5) ? (5, ?) C. (-5, 4) ? (5, ?) D. (-?, -5) ? (4, 5)
Mathematics
Find the distance s covered by a point moving with linear velocity v for a time t if
?
mi/hr and 
min
?
A. 2.35 mi B. 3.84 mi C. 7 mi D. 9 mi E. 10 mi
Mathematics