document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=939541>Question 939541</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Southland, Inc. has just borrowed $50,000 to purchase a delivery truck. The contract calls for 4 annual payments of $15,773.54, beginning one year from today. The annual interest rate Southland is paying equals </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #572534 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=572534\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Southland, Inc. has just borrowed $50,000 to purchase a delivery truck. The contract calls for 4 annual payments of $15,773.54, beginning one year from today. The annual interest rate Southland is paying equals.<BR>\n" );
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document.write( "total payment = 4*15,773.54 = 63,094.16<BR>\n" );
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document.write( "total interest = 13,094.16<BR>\n" );
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document.write( "Formula for simple interest:: I = Prt<BR>\n" );
document.write( "13,094.16 = 50,000*r*4<BR>\n" );
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document.write( "r = 13094.16/200000 = 0.0655 = 6.55% <BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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document.write( " </SPAN>\n" );
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