Question

If the monthly payment formula
M= Pr(1+r)^n / (1+r)-1 ,what value would you put for "r" if the interest rate is 5.7%?

Answer 1

you have to change percent to decimal to get interest rate

Answer 2

@Nnesha so itd be 0.0057?

Answer 3

how did you get 0.0057 ??

Answer 4

@Nnesha i divided 5.7 over 100 isnt that how you do it?

Answer 5

okay so 5.7/100 = ??

Answer 6

@Nnesha my calculator says 0.057 •.• what did you get?

Answer 7

i got 0.057..... my calculator doesnt lie js! xD

Answer 8

and that's right

Answer 9

i got same
but look at your first comment
it's .057 not .0057 :)

Answer 10

@Nnesha i have the choices between
A) 0.00475
B) 0.0057
C) 0.475
D) 5.7

Answer 11

hmmmm r = interest which is 5.7% right
but when you solve the equation to find M or P
then you have to divide interest rate by 100 hmmmm

Answer 12

@Nnesha yeaah so i just picked 0.0057 because its the closest

Answer 13

noo that's not the closest one
if you divide 5.7 by 1000 then you would get .0057
hmmm let's see @jdoe0001 hmmm ^^^^^^^^^^^^^^

Answer 14

heheh

Answer 15

the "r" in the formula, uses a decimal form

is a "per cent", or per hundreds
thus you'd divie 5.7 by 100 to get the decimal form

Answer 16

http://prntscr.com/6rt6ct

Answer 17

Annual Interest Rate = 5.7%

Monthly Interest Rate = 5.7/12 = 0.475%

Answer 18

@jim_thompson5910 robert purchased a 2010 model sedan for $16,000. The dealership offered him a $99/month payment for 60 months, after which the unpaid balance is due. If the interest rate is 6%, find the balloon payment due at the end of 60 months.

Answer 19

jim but n suppose to be 12 :( hmmmm ???