Please help & thank you.
1 answer:
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9514 1404 393
Answer:
2.01% for a down payment of $5000
5.49% for a down payment of 20%
Step-by-step explanation:
There is no formula for the APR of a loan, given its other parameters. The value must be found using iterative or graphical means. The attached shows a graphical solution for each of the two cases for a 4-year loan.
For 20% down payment, APR ≈ 5.49%
For $5,000 down payment, APR ≈ 2.01%
