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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