Find i. choose the correct answer.

amount financed (m) = $1,750
number of payments per year (y) = 12
number of payments (n) = 36
total interest (c) = $300.00

i = %.

  11.12 % (approx)

Step-by-step explanation:

Since, We know that,

Where y = payment per year

c = total interest paid

m = amount financed

n = total number of payment

I = true interest rate ( in decimals )

Here, m= $1,750, y = 12, n = 36 and c = $300

Thus,

⇒

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