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OFFERING BRAINLIEST !! Using the formula, compute the true annual interest rate to the nearest tenth.

[tex]Interest (I) = \frac{2yc}{m(n+1)}[/tex]

Loan amount = $9,500
Monthly payments = $227.50
Time of loan contract = 5 years
Interest rate = ____%

Respuesta :

maryemzaid2005

Answer:

Step-by-step explanation:

5x12=60

(227.5x5x120)=13650

13650-9500=4150

apply formula

(2x12x4150)/((13650(60+1))=0.1196

0.1196x100=11.96% 0r 12%

wthbro

Answer:

17.2%

Step-by-step explanation:

given that:

y = 12 months

m = $9,500

n = 60 (because five years is 60 months)

c = (n * $227.50) - m

  = (60 * $227.50) - $9,500

c = 4,150

and now, to substitute the following to the equation:

[tex]\frac{2(12)(4,150)}{9,500(61)} *100[/tex] = 17.2%

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