Question

Tim knows the cost of leasing will vary with the interest rate charged. He decides to create a chart like the one below. Column C = Column A × Column B Column D = Column C + 255 Column E = Column D + (Column D × 7%) Column F = Column E + $300.00 Column G = the payment required to purchase the car. A B C D E F G Monthly rate Result add $255 add 7% of Column D add $300 $30,800 0.0033 $ $ $ $ $671.00 $30,800 0.0025 $ $ $ $ $671.00 $30,800 0.0038 $ $ $ $ $671.00 $30,800 0.0027 $ $ $ $ $671.00 $30,800 0.0003 $ $ $ $ $671.00

Answer 1

Answer:

0.003 is the monthly rate

Step-by-step explanation:

Column A Column B Column C Column D Column E Column F Column G

Amount Rate =A*B =C+255 =D + D*7% =E+300 Payment required to purchase car

30800 0.0033 101.64 356.64 381.6048 681.6048 671

30800 0.0025 77 332 355.24 655.24 671

30800 0.0038 117.04 372.04 398.0828 698.0828 671

30800 0.0027 83.16 338.16 361.8312 661.8312 671

30800 0.0003 9.24 264.24 282.7368 582.7368 671

30800 0.003 92.4 347.4 371.718 671.718 671

671.718 is closest to 671

so 0.003 is the monthly rate