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Two Math Problems that I am so stuck on :/ please help me! =(?

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Two Math Problems that I am so stuck on :/ please help me! =(?

Postby angor » Thu Aug 09, 2012 5:52 am

25. Cassandra is repaying an installment loan of $3,500 with 20 equal monthly payments of
$196 each. What is the annual percentage rate of the loan?
A. 7.55% C. 12%
B. 11.16% D. 13.25%

26. The home of Al Gard is assessed at $70,000. The tax rate is 6.15 mills. What is the tax on
Al’s home?
A. 43.05 C. 430.50
B. 61.50 D. 615.00
angor
 
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Two Math Problems that I am so stuck on :/ please help me! =(?

Postby dohosan » Thu Aug 09, 2012 6:01 am

For the first one, C
Second one: what does mills mean?
dohosan
 
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Two Math Problems that I am so stuck on :/ please help me! =(?

Postby birde35 » Thu Aug 09, 2012 6:07 am

25 - google time value of money and use the plug in formulas in excel,,, (but not C)

26 a mil is 1/10th of one cent. ($.001) 70 x 6.15 = 420+change, so C
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