Algebra

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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?

  • Algebra -

    (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

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