2 years ago

Ryan took out a 66 month loan to pay for a 28500 car.if he paid 33829.50,in total at the end of the loan,find the interest rate

Mathematics

1 answer:

professor190 [17]2 years ago

3 0

9514 1404 393

Answer:

3.4%

Step-by-step explanation:

The total amount due is ...

A = P(1 +rt/12) . . . . . principal P, annual rate r, t months

33829.50 = 28500(1 +66/12r)

1.187 = 1 +5.5r . . . . . divide by 28500, simplify

0.185/5.5 = r = 0.034 = 3.4%

The interest rate on the loan is 3.4%.

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