A newspaper advertisement offers a $4,500 used car for nothing down and 36 easy monthly payments of $145.62.
(a) amount to be paid
(b) amount of interest
(c) interest rate (Round answer to two decimal places.)
(d) APR (rounded to nearest 10th percent.)
Amount repaid = 145.62*36 = $ 5242.32
Amount of interest = $ 5242.32 - 4500 = $ 742.32
A = Pe^(rt)
5242.32 = 4500e^3r
1.16496 = e^3r
ln1.16496 = 3r
0.1527 = 3r
0.1527/3 = r
r = 0.0509= 5.09% APR = 5.09*12 = 61.08 0r 60%Please ignore my previous answer.Please best my answer if helpful. Thanks :)
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