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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. 33% B. 3.6% C. 36% D. 63%
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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Question|Asked by adorenae
Asked 1/14/2018 11:39:49 AM
Updated 6/25/2020 10:58:10 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 6/25/2020 10:58:10 AM
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Question|Asked by adorenae
Updated 1/12/2018 10:11:15 AM
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Confirmed by yumdrea [1/12/2018 10:37:46 AM]
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