If A college student purchased a used car for $4000. He paid 8% down and then paid 18 monthly payments of $216.79. Determine the
APR of the loan to the nearest one-half of a percent.
1 answer:
There is no explicit formula for interest rate, so it must be found by some sort of solver. Here a TI-84 work-alike calculator financial app has been used to find the interest rate (APR) to be 7.5%.
The loan amount is 4000 less 8% of 4000, which is .08*4000 = 320. That is, the loan amount is 4000 -320 = 3680.
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Answer:
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Step-by-step explanation:
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<u>A is the answer. </u>(0,5) (2,20)
<u>Step-by-step explanation:</u>
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(0,5) (2,20)
