A car that retails for $14,999 has a sticker on the windshield that says, "$429/mo for 48 months." What interest rate is this ca
r financed at?
2 answers:
14,999(1+.o825)^4= 20,595. $429x48 months= 20,592
Interest rate 8 1/4%
Check 20592/14999= 1.37289
Log(1.37289)/ log(1.0825)= 3.99 years
Answer:
r=8.2%
Step-by-step explanation:
A car that retails for $14,999 has a sticker on the windshield that says, "$429/mo for 48 months." What interest rate is this car financed at?
from compound interest formula
A=P(1+r%)^n
The parameters are
A=amount, 429*48=20592
n=48 months, 4 years
r%=?
P=14999
20592=14999(1+r%)^4....dividing both sides by 14999
1.372=(1+r%)^4
find the fourth root of both sides
1+r%=1.082
r%=0.082
r=8.2%
the interest fate on the car will be the above.
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