Question

Use the formula to solve for c. Choose the right answer.

Amount Financed (m) = $275
Number of Payments per year (y) = 12
Number of Payments (n) = 18
APR (I) = 12%

c = $.

Answer 1

@sillybilly123

Answer 2

Simple conversion from APR to monthly rate (MR) is \(MR \text{ %} = \dfrac{APR \text{ %}}{12} = 1 \text{ %}\)

Or decompounded: \(MR = [(1 + APR)^{1/12} - 1] \)

in proper models the output makes little difference based solely on this distinction

but this is not actually a question !!

so, if we're solving for c, i'm going with \(c \approx 3 \cdot 10^8 \text { m/s }\)