Question

Use the formula to solve for c. Choose the correct answer. Amount Financed (m) = $500 Number of Payments per year (y) = 12 Number of Payments (n) = 12 APR (I) = 17% c = $

Answer 1

Hi there!

The answer to your problem is c = $46.04

Your friend, ASIAX

Answer 2

Hence, The required value of c = $92.08

Explanation:

Amount Financed (m) = $500

Number of Payments per year (y) = 12

Number of Payments (n) = 12

APR (I) = 17%

`Time = \frac{\text{Total number of payments}}{\text{Number of payments per year}}\\\\\implies Time = (12)/(12)=1 \text{ year}`

Now, c can be calculated by using the formula :

`c=\frac{\text{Amount Financed}* Rate* (n+1)}{Time* y* 100}\\\\\implies c = (500* 17* 13)/(1* 12* 100)\\\\\implies c = \$92.08`

Hence, The required value of c = $92.08