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
Interest charged = $5242.32 - $4000
Interest charged = 1242.32 / 4000 x 100%
APR = 31.058 /3
= 10.4 % (nearest tenths)
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