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Math Help - Interest

  1. #1
    Super Member
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    Jun 2008
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    Interest

    A person wants to buy a set of upholstered worth seeing for $ 3,500.00. To finance it in 4 equal installments without input, each service will cost U.S. $ 930.36. If, however, one of them is given as input, the value of other benefits reduced will to R $ 907.67.

    The monthly rate of compound interest used in this funding is:
    a) 0,50 %
    b) 1,00 %
    c) 1,50 %
    d) 2,00 %
    e) 2,50 %

    The answer is 2,50%. I find 1,5%
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  2. #2
    MHF Contributor
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    Ottawa, Canada
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    Do you know someone who could rewrite your problem in clear English?
    "Input, service, benefit" are terms/words strange to loan calculations...
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