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Help with Algebra Question20

Algebra
Tutor: None Selected Time limit: 0 Hours

For the car loan described

A newspaper advertisement offers a $4,500 used care for nothing down and 36 easy monthly payments of $145.62.

a. amount to be paid

b. amount of interest

c. interest rate (round to 2 decimal  places.)

d. APR (nearest 10th percent

Dec 9th, 2014

a. amount to be paid=36x145.62=5242.32 dollars

b. amount of interest=5242.32-4500=742.32 dollars

c. the monthly interest rate=742.32/4500/36x100%=0.46%

d. APR=0.46%x12=5.5%

Dec 9th, 2014

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