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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?
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%. Solution: 4500-1500 = $3000 A = Monthly payments = 350 n = 10 Principal value (P) = 3000 350= 3000r (1+ r) 10 / (1+r) 10 - 1 = 36%.
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Asked 7/16/2019 3:25:36 PM
Updated 8/19/2020 11:37:35 PM
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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%. Solution: 4500-1500 = $3000 A = Monthly payments = 350 n = 10 Principal value (P) = 3000 350= 3000r (1+ r) 10 / (1+r) 10 - 1 = 36%.
Added 8/19/2020 11:37:35 PM
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