document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=923616>Question 923616</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A car worth $12000, is purchased at the beginning of 2013, with a deposit of $2000. The remainder is borrowed from the bank, with interest compounding annually, and paid off in monthly instalments of $349.92, until the end of 2015.<BR>\n" );
document.write( "What was the annual compound interest rate from the bank?\r<BR>\n" );
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document.write( "I got 1.71%.<BR>\n" );
document.write( "Can anyone please help me work out the solution for this question?? :( <BR>\n" );
document.write( "All your answers will be appreciated<BR>\n" );
document.write( "thank you </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #560160 by </B><A HREF=/tutors/aboutme.mpl?userid=ewatrrr><B>ewatrrr(24785)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ewatrrr><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=ewatrrr><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=560160\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  In General <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29 ALIGN=MIDDLE  ALT=\"A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "A = Accumulated Amount <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=36+%2A+349.92 ALIGN=MIDDLE  ALT=\"36+%2A+349.92\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "P= principal = 10,000<BR>\n" );
document.write( "r= annual rate = .<BR>\n" );
document.write( "n= periods per year = 1<BR>\n" );
document.write( "t= years = 3<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A%2FP+=+%281%2Br%29%5E%283%29 ALIGN=MIDDLE  ALT=\"A%2FP+=+%281%2Br%29%5E%283%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=root%283%2C+12594.40%2F10000%29 ALIGN=MIDDLE  ALT=\"root%283%2C+12594.40%2F10000%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > - 1 = r = .08  0r 8% interest<BR>\n" );
document.write( " </SPAN>\n" );
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