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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 -

    Yes, your procedure and answer is correct.

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