You borrow $2,500. you are to pay back the loan in 36 monthly payments of $79.50. what true annual interest are you paying to th

Question

3 years ago

14

e nearest tenth of a percent?

2 answers:

bija089 [108] · Answer 1 · 2022-01-28T08:25:22+03:00

5 0

Answer:

9.4%

Explanation:

use I = 2yc / m(n+1)

Pepsi [2] · Answer 2 · 2022-01-28T06:05:24+03:00

Pepsi [2]3 years ago

4 0

Answer:

4.8%

Explanation:

36months*$79.50=$2862

$2862-borrowed 2,500=362

362/3 years=$120 2/3

this means that the interest is 120 2/3 /2500, which is 0.048266, or 4.82, or in your case 4.8%