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.

interest rate (Round answer to two decimal places.)

APR round to nearest 10th%

total paid = 36 x $145.62

=$5242.32

Interest charged = $5242.32 - $4000

=$1242.32

Interest charged = 1242.32 / 4000 x 100%

= 31.058%

=31.06%

APR = 31.058 /3

= 10.3527

= 10.4 % (nearest tenths)

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