John Simone is buying a used car for a total cost of $11,805.00. He’s making a down payment of $1,500.00 and borrowing the remai
nder. If he makes monthly payments of $343.00 for three years, what APR has he paid?
1 answer:
Answer:
Step-by-step explanation:
Given that John Simone is purchasing a used car for 11805 dollars.
Down payment = 1500
Net loan amount = 11805-1500 = 10305
Equal monthly instalments he paid = 343 dollars
Tenure =3 years
For 3 years rate of interest should be 12.2%
Then only we get for 3 years for the loan emi as 343
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