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.)
(272.22 * 36) - 8,000 = 1799.92
I = PRT
1799.92 = 8,000 * R * 3
1799.92 = 24,000R
1799.92 / 24,000 = R
0.074996 = R
7.5% = R