Math

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Price of article = $315.50

Down payment = $31.55

Monthly payment amount = $16.50

Duration of payments = 20 months

True annual interest rate to the nearest tenth= %

  • Math -

    P = 315.50
    dp = 31.55
    mpa = 16.50

    n = 20


    315.50 -31.55 = 283.95

    Mpa * n

    16.50 * 20 = 330

    Interest = 330-283.95

    Interest = 46.05

    rate = 46.05/283.95

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