MATH

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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 -

    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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