Amount Financed (m) = $2,500 Number of Payments per year (y) = 12 Number of Payments (n) = 36 Total Interest (c) = $158.15

Mathematics

2 answers:

iVinArrow [24]3 years ago

6 0

4.1% is the answer hope i helped

olga55 [171]3 years ago

5 0

The number of payments per year is 12
The number of payments is 36 which means that the term lasted for 3 years.
The total interest is $158.15 and the amount financed is $2500.
The interest rate is
158.15/2500 = 6.33%
In nominal month, that is
(1 + r/12)^12 - 1 = 0.0633
Solve for r

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