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KATRIN_1 [288]
4 years ago
7

17. David is buying a new car for $21,349.00. He plans to make a down payment of $3,000.00. If he's to make monthly payments of

$352 for the next five years, what APR has he paid?
Mathematics
2 answers:
worty [1.4K]4 years ago
7 0
The answer would be 5.9%
belka [17]4 years ago
3 0
Hi there

Amount financed
21349-3000=18349

Total paid
5years=60months (12×5)352×60 =21,120

Total interest
21,120−18,349=2,771

APR is(2,771×2×12)÷(18,349×61)=0.059×100=5.9%...answer

Hope it helps!
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