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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 120
Solve the following application problems and use the table to find the annual percentage rate.
TRACTOR PURCHASE An electrical contractor in Hiroshima, Japan with poor credit, purchased a tractor costing 2,700,000 yen. He made a down payment of 1,000,000 yen and agreed to monthly payments of 54,855 yen for 36 months. Find (a) the total installment cost _________ and (b) the annual percentage rate. _________
TRACTOR PURCHASE An electrical contractor in Hiroshima, Japan with poor credit, purchased a tractor costing 2,700,000 yen. He made a down payment of 1,000,000 yen and agreed to monthly payments of 54,855 yen for 36 months. Find (a) the total installment cost _________ and (b) the annual percentage rate. _________
Explanation
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Recall the formula for finding the Tota...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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