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August 23, 2014

August 23, 2014

Posted by **Liala** on Friday, December 7, 2012 at 7:16am.

- math -
**Reiny**, Friday, December 7, 2012 at 9:22amafter 5% down payment you would owe 11965.25

249.34 times 60 = 14960.40

interest paid = 14960.40 - 11965.25 = $2995.15

(I hope they don't teach you that you can now find the rate of interest to be 2995.15/(11965.15(5)) = .05 or 5% ????)

the actual monthly rate of interest:

let it be i

11965.25 = 249.34( 1 - (1+i)^-60)/i

running it through a good "equation solver" program , I got i = .0076378

the annual rate is .0916 or 9.16%

check:

249.34( 1 - 1.0076378^-60)/.0076378 = 11965.24 , wow, not bad

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