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A car dealer will sell you a used car for $8,514 with $514 down and payments of $153.18 per month for 60 month?
A car dealer will sell you a used car for $8,514 with $514 down and payments of $153.18 per month for 60 months. What is the APR?
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- ?Lv 610 years agoFavorite Answer
Present value = $8,000 ($8,514 - $514 down payment)
Term = 60 months
Payment = $153.18 per month
The monthly interest rate is 0.467%, which is 5.6% annually.
Source(s): My trusty saddle pal, the HP-12C calculator.
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