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You purchase a car for $20,000 with nothing down. If you make 6 annual payments of $4300, what interest rate i to 3 significant

   

A = C (i/100)(1+i/100) (1 + i /100) - 1 How can you develop a starting point for the iterative search for i for this proble

You purchase a car for $20,000 with nothing down. If you make 6 annual payments of $4300, what interest rate i to 3 significant figures accuracy are you paying? The formula for calculating annual payments A based on the initial cost Co, the interest rate i and the number annual payments n is given as (i/100)(1+i/100)" (1+i/100)" -1 How can you develop a starting point for the iterative search for i for this problem? A = Co

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