For the car loan described, give the following information.
A newspaper advertisement offers a $4,000 used car for nothing down and 36 easy monthly payments of $145.62.
amount to be paid
amount of interest
interest rate (round to 2 decimal places)
Amount repaid = 145.62(36) = $5494.32 Amount of interest = 5494.32 - 4000 = $1494.32 Interest rate: A = Pe^(rt) 5494.32 = 4000e^3r 1.221 = e^3r ln1.221 = 3r 0.200 = 3r 0.200/3 = r r = 0.0665 = 6.65%
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