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%.

the answer is 0.3175 hope that you ^w^

also you might actually want to put this picture up if you want people to solve it luckily i remember this question

- (2, -7)

- lines r and s and lines t and u must be parallel