# ALGEBRA

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A car dealer will sell you a used car for \$5,478 with \$478 down and payments of \$112.08 per month for 60 months. What is the simple interest rate? (Round each answer to the nearest tenth.)

• ALGEBRA -

5,478-\$478=\$5,000
\$112.08*60=\$6,724.8
\$6,724.8-\$5,000=\$1,724
\$1,724/5=344.8
\$344.8/\$5,000=0.06896= 7.0% is this correct.

• ALGEBRA -

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