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John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest? A. 63% B. 36% C. 3.6% D. 33%
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John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to 36% actual yearly rate of interest. 4500-1500 = $3000 A = Monthly payments = 350 n = 10 Principal value (P) = 3000 350 = 3, 000r (1+ r) 10 / (1+r) 10 - 1 = 36%.
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Asked 5/7/2019 5:11:38 PM
Updated 46 days ago|10/21/2021 8:08:14 AM
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John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to 36% actual yearly rate of interest.

4500-1500 = $3000
A = Monthly payments = 350
n = 10 Principal value (P) = 3000
350 = 3, 000r (1+ r) 10 / (1+r) 10 - 1 = 36%.
Added 46 days ago|10/21/2021 8:08:14 AM
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