Rick buys a 1966 Mustang for $3,000, planning to restore and sell the car. He goes on to spend $9,000 restoring the car. At this
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Answer:
6.9%
Step-by-step explanation:
Interest rate is the one variable in an amortization formula that cannot be determined explicitly. An iterative solution is required, which means the computation must be done by a calculator, spreadsheet, or web site.
My TI-84 TVM Solver tells me that for the given loan amount and payment schedule, the APR is about 6.9%.
