Hi,
Im having trouble with the following questions, could someone please help me out?
1. The price of a car is $8000, and an individual makes a down payment of 25% towards the purchase of the car, and secures financing for the balance over four years. If the monthly payment is $152.18, what is the true rate of interest charged by the finance company?
2. 0 = 0.001x^3+0.2x^2+0.1x-30, how would we solve for x using the newton's raphson method?
Thanks in advance
Im having trouble with the following questions, could someone please help me out?
1. The price of a car is $8000, and an individual makes a down payment of 25% towards the purchase of the car, and secures financing for the balance over four years. If the monthly payment is $152.18, what is the true rate of interest charged by the finance company?
2. 0 = 0.001x^3+0.2x^2+0.1x-30, how would we solve for x using the newton's raphson method?
Thanks in advance