You have just purchased a car and, to fund the purchase, you borrowed $32,000. If your monthly payments are $615.13 for the next 5 years, what is the APR of the loan?

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  5.76%

Step-by-step explanation:

There is no formula for APR. It must be found using an iterative calculation, as from a spreadsheet or financial calculator.

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The value can also be found graphically from the amortization formula:

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

where A is the monthly payment, P is the principal amount of the loan, r is the annual rate, and t is the number of years.

This can be put into a form that can be solved easily by a graphing calculator. We want it to find the x-intercept of f(x) = 0, so we define ...

  f(x) = A(P, x/100, t) -615.13

where A(P, r, t) is defined above, and we let r = x/100 so x is the APR. The graph shows us the APR is 5.763%.

the degrees would remain the same ( the number to the left of the decimal point.

the multiply the decimal by 60 to get the minutes and use the numbers to the left of the decimal point.

then multiply the decimal portion of that by 60 for the seconds and round off as needed.

39 .956652

the 39 remains the degrees.

the minutes = 0.956652 x 60 = 57.39912

the minutes = 57

the seconds = 0.39912 x 60 = 23.95 = 24 ( rounded to nearest tenth)

so 39.956652 = 39 degrees, 57 minutes and 24 seconds

-75.159809

the -75 remains the degrees

the minutes = 0.159809 x 60 = 9.58854

the minutes = 9

the seconds = 0.58854 x 60 = 35.31, rounded to nearest tenth = 35.3 seconds

so -75.159809 = -75 degrees, 9 minutes and 35.3 seconds.

the first coordinate is north or south, since it it positive it is north.

the second number is east or west, because it is negative it is west.

39 degrees, 57 minutes and 24 seconds n

-75 degrees, 9 minutes and 35.3 seconds w