Suppose you see a car with an advertised price of $31,480 at $590 per month for 6 years. a) Calculate the interest charged. b) Calculate the interest rate, to the nearest hundredth percent.

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.

-1/2 +2

step-by-step explanation:

median- 36f

mode - none

mean- 33.7 ~ 34f