Question

qn 5

(30) 5. Fast Finance offers new and used car loans, and quick cash loans each at a different monthly interest rate. The totals for loans of each type made last month at Fast Finance's three branch offices are recorded (in thousands of dollars) in matrix below. Quick Cash New Used Car Car 80 60 50 North Branch 50 60 40 Central Branch 70 80 80 South Branch The interest samed on these leans during the month branch by branch is as follows. North Branch $2,700, Central Branch $2200 and South Brinch S3,500 Dctemine the monthly interest rate for each type of loun using hoth the nverie matrix method and Kramer's rule Now calculate the annual interest rates this company is chargging Show vour work for all the subparts of this question

Answer 1

(a) INVERCE MATRIX METHOD* PAGE NO.: f. DATE: Given $2700 $2200 50 6о 80 B2 A: Чo 60 50 $35o0 go 8o (48a-3200 - 60(4o0-28+ 50(y-41s TA 80 C160-60(120+ 50(-203 12%p-72000 qooo 46000 IAI Sinc IAlo thorafpe Aerůts het uu fird new A-/ 1uew JAl asu Cafactor of elaments ч0 60 50 Чо So 60 7o 80 70 ie, 160,-120 - 20 Simitaly Cefactos elamant 2nd 50 ) () 6 0 (-8 60 80 7o 8o 7o 8o 800 29a0 - 2200 and Cefacteu of elemerts IAl ae 50 50 YD 60 50 (+) 6о Чо Яа 60 50 60 () 18u0 eemed with CamScanner

DATE: H6o0 1200-200 - 800 2900 -2200 C(A) |- 600 -700 an81 -6 o0 120 2900-100 Adj A CCA : -20-220 160se 120/6000 290/6030 46a0o 7o4600 1&-00 Adj.A IAI 17 Os ing matix Tnve Mathed -60 27a0 X AB4cb 120 2900 -700 2200 -20 2200 3 So0 4,32,0000-17,60, c00 - 21,00000 46000320aot63, 80, 0U0- 24,5000 54,0o0-484o,0)+63,0,00 460000 6,90, OUD t3,90o0 2,op0 460o0 406 Op0 745.2173 7831913p Bo5.65A 10 15 20 CS ed with amScanner

Cramen's Rul b) Gisen A 60 B270o 6о 40 2200 70 3500 JAI 4600 ( Paasiaus) 60 So A 60 40 2200 3500 2700 (4800- 3200) - 60(1,76, ayo - 1,y000) sefeoo ,a) + S0(176,00-2,10o 43,20,000 -21,60,000+top0-7000 50, 60,000 A2 2700 50 2200, 4o 70 3500 76,0ర0 - 1, Y0,000) +50 (1,75000-1, S4,000) 27a0(4000 2800 T 23,%0,000 6,90, 000 32,40,000+1o,50, O00 60 2700 |A3 So 2200 70 3 500 80(2,/0,000- 1,76,000) 601,7000-154, 270000D - 4200 27, 20,000 - |2,60,000 + (-5,40,000 920,000 T es framned w CamScanner

aner Rul |A Bt,60, O00 46 000 IA1 A2) 6,90, 000 15 2 1 A JA31 20 9,20, 000 త 2 IAI Scanned with CS CamScanner

Aceudy to Aguidit Acng is equhs of Meryfentexest oti is equal to ate age Of Short taum iratexet ua derminterest srate So auege annua ge intznest Amrual terest ot So 45 Anual interut nat 15 % N WRr Cs Scanned with CamScanner