You buy a $35,000 vehicle for nothing down at $8,500 per year for 7 years. Use the
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You buy a $35,000 vehicle for nothing down at $8,500 per year for 7 years. Use the bisect function from Fig. 5.7 to determine the interest rate that you are paying. Employ initial guesses for the interest rate of 0.01 and 0.3 and a stopping criterion of 0.00005. The formula relating present worth P, annual payments A, number of years n, and interest rate i is
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Related Book For 
Applied Numerical Methods With MATLAB For Engineers And Scientists
ISBN: 9781259027437
3rd Edition
Authors: Steven C. Chapra
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