David is buying a new car for \$21,349.00. He plans to make a down payment of \$3,000.00. If he's to make monthly payments of \$352 for the next five years, what APR has he paid? A. .05% B. 5.9% C. 59% D. 5%
David is buying a new car for \$21,349.00. He plans to make a down payment of \$3,000.00. [ If he's to make monthly payments of \$352 for the next five years, the APR he has paid is 5.9%. SOLUTION: 21349 - 3000 = 18349 Amount he paid in 5years = 12×5= 60 352 × 60 =21,120 Interest is given as: 21,120 18,349 =2,771 Therefore, APR = 2,771×2×12/18,349×61) = 0.059 × 100 = 5.9%
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Asked 5/16/2019 9:40:04 PM
Updated 11/28/2020 3:40:13 PM
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David is buying a new car for \$21,349.00. He plans to make a down payment of \$3,000.00. [ If he's to make monthly payments of \$352 for the next five years, the APR he has paid is 5.9%.

SOLUTION:
21349 - 3000 = 18349
Amount he paid in 5years = 12×5= 60
352 × 60 =21,120
Interest is given as: 21,120 18,349 =2,771
Therefore, APR = 2,771×2×12/18,349×61) = 0.059 × 100 = 5.9%
Added 11/28/2020 3:40:13 PM
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Updated 193 days ago|7/14/2021 12:31:20 PM
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Added 193 days ago|7/14/2021 12:31:20 PM
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