Posted by LaCresha on Sunday, July 29, 2012 at 9:24pm.
A car dealer will sell you a used car for $5,238 with $238 down and payments of $150.83 per month for 48 months. What is the simple interest rate? (Round each answer to the nearest tenth

MATH  Henry, Tuesday, July 31, 2012 at 8:11pm
Po = 5,238  238 = $5,000. = Inital
principal.
Pt = 150.83/mo * 48mo = $7239.84. =
Principal after 48 Months.
Po + Po*r*t = Pt = 7239.84
5000 + 5000*r*4yrs = 7239.84
5000 + 20000r = 7239.84
20000r = 7239.84  5000 = 2,239.84
r = o.112 = 11.2%. = Annual % rate.
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