Ryker wants a new car. The dealership offers him a loan at 9% annual interest for 6 years. If Ryker wants to do some calculation
s on his own, what monthly interest rate should he use?
Enter your answer as a percent.
Do not round.
1 answer:
The monthly interest rate is 0.75%
<u>Step-by-step explanation:</u>
The rate of interest= 9%
Total time = 6years
Interest rate per month = 9/12
= 0.75%
Monthly payment =cost of the car + 0.75% of cost of car
Interest per month is 0.75%
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