kcolbert617 kcolbert617

19-07-2017
Mathematics

contestada

Buying a new car for 32998.00 putting down 4200.00 for down payment and making 525.00 monthly payments for five years what apr has been paid

Respuesta :

Aliwohaish12 Aliwohaish12

19-07-2017

Amount financed
32,998−4,200=28,798

Total paid
525×60 months=31,500

Total interest
31,500−28,798=2,702

APR
(2×12×2,702)÷(28,798×61)
=0.037×100=3.7%....answer

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