Math Homework

A car dealer carries out the following calculations. What is the annual percentage rate? (Round your answer to the nearest tenth.)
List price $ 5,368.00
Options $ 1,625.00
Destination charges $ 200.00
Subtotal $ 7,193.00
Tax $ 431.58
Less trade-in $ 2,932.00
Amount to be financed $ 4,692.58
8% interest for 48 months $ 1,501.63
MONTHLY PAYMENT $ 129.05

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  1. 8% interest with monthly payments is equivalent to an Annual Percentage Rate of 8.30%

    Each month, you are charged 1/12 of 8% of the unpaid balance as interest.

    All those other numbers (trade-in, tax, options, monthly payment etc.) are not needed to compute the APR.

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    posted by drwls
  2. A car dealer carries out the following calculations. What is the annual percentage rate? (Round your answer to the nearest tenth.)
    List price $ 5,368.00
    Options $ 1,625.00
    Destination charges $ 200.00
    Subtotal $ 7,193.00
    Tax $ 431.58
    Less trade-in $ 2,932.00
    Amount to be financed $ 4,692.58
    8% interest for 48 months $ 1,501.63
    MONTHLY PAYMENT $ 129.05

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    2. 👎 0
    posted by ella
  3. Elliot Finish studying at 4:45 p.m. he spent 30 minutes reading a social study chapter he spent 45 minutes on his math homework in between studying Elliot took a 20 minute break at what time did Elliot begin studying

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    2. 👎 0
    posted by Najah

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