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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%

Nov 18th, 2014

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)

                       

               


Nov 18th, 2014

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Nov 18th, 2014
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Nov 18th, 2014
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