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Easy maths question i need help with?
Shane borrows $9500 to purchase a new car. He repays the loan over 4 years at a rate of $246.60 per month. Calculate the flat rate of interest charged on the loan.
1 Answer
- 9 years ago
Easiest way to do this is. 4 years = 48 months
He pays 246.60 a month over 4 years.
48 x 246.60 = 11836,80
Because the car cost 9500, and he paid 11836.80,
He paid 11836.80-9500 = 2336.80 in interest.
Then we find out the interest rate,
So 2336.80/9500 = 24.6% in interest
There is also a formula you can use, P=irt
