Using the interest formula, compute the true annual interest rate. loan amount = $9,500 monthly payments = $227.50 time of loan contract = 5 years true annual interest rate (to the nearest tenth) =

The true annual interest rate is 15.3%.

Step-by-step explanation:

Given information: Loan amount = $9,500, Monthly payments = $227.50, Time of loan contract = 5 years.

The formula for monthly payment is

Where, M.P. is monthly payment, P.V. is present value, r is rate of interest, n is number of years.

Using graphing calculator we get

Therefore the true annual interest rate is 15.3%.

step-by-step explanation:

x^2 -12x + 36 + y^2 = 36

x^2 + y^2 = 12x

r^2 = 12rcos(theta)

r = 12 cos(theta)