# 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
Amount to be financed \$ 4,692.58
8% interest for 48 months \$ 1,501.63
MONTHLY PAYMENT \$ 129.05

1. 👍 0
2. 👎 0
3. 👁 170
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.

1. 👍 0
2. 👎 0
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
Amount to be financed \$ 4,692.58
8% interest for 48 months \$ 1,501.63
MONTHLY PAYMENT \$ 129.05

1. 👍 0
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

1. 👍 0
2. 👎 0
posted by Najah

## Similar Questions

1. ### Math

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

asked by Reggie on December 14, 2012
2. ### math

John bought a new car for shilling 800,000. After 5 years, he sold it through a second-hand car dealer. The dealer charged a commission of 4% for the sale of the car. If John received shillings 480,000, calculate the annual rate

asked by John on March 7, 2015
3. ### math

David bought a new car for shilling 800,000. After 5 years, he sold it through a second-hand car dealer. The dealer charged a commission of 4% for the sale of the car. If David received shilling 480,000, calculate the annual rate

asked by kudu on March 15, 2015
4. ### math

A car was valued at \$35,000 in the year 1990. The value depreciated to \$10,000 by the year 2003. A) What was the annual rate of change between 1990 and 2003?(Round to 4 decimal places) B)What is the correct answer to part A

asked by Andrea on June 23, 2019
5. ### finance math

A car dealer purchased 2 cars, one for \$1500 and the other for \$20000, He then sold the first car at a loss of 14% and the second car for a profit of 15%. Find the dealer¡¯s profit for the whole transaction and express the

asked by timmy on August 27, 2012
6. ### Finance

You are interested in a new Ford Taurus. After visiting your Ford dealer, doing your research on the best leases available, you have three options. (i) Purchase the car for cash and receive a \$1,900 cash rebate from Dealer A. The

asked by Anonymous on February 19, 2015
7. ### Finance

You are interested in a new Ford Taurus. After visiting your Ford dealer, doing your research on the best leases available, you have three options. (i) Purchase the car for cash and receive a \$1,900 cash rebate from Dealer A. The

asked by Anonymous on February 19, 2015

You have saved \$15,000 for down payment on a car costing \$55,000, and plan to finance the rest with a 5-year loan. The dealer is offering you a loan with a monthly payment of \$1,050. What effective annual rate of interest is the

asked by sakiss on February 23, 2014
9. ### math

A car was valued at \$35,000 in the year 1995. The value depreciated to \$12,000 by the year 2006. A)What was the annual rate of change between 1995 and 2006? (Round to 4 decimal places) B) What is the correct answer to part A

asked by Andrea on June 23, 2019
10. ### math

A car dealer will sell you a used car for \$8,544 with \$544 down and payments of \$272.22 per month for 36 months. What is the simple interest rate? (Round each answer to the nearest tenth.)

asked by Anonymous on August 26, 2012

More Similar Questions