Algebra
posted by Tammie on .
A car dealer will sell you a used car for 5,107 with 107 down and payments of $152.92 per month for 48 months. What is the simple interest rate?

(152.92 * 48)  5,000 = 2,340.16
I = PRT
2,340.16 = 5,000 * R * 4
2,340.16 = 20,000R
2,340.16/20,000 = R
0.117 = 11.7% = R