Tashana1 Tashana1

23-06-2018
Mathematics

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Audrey is buying a new car for 32,998 she plans to make a down payment of 4200 if she’s to make monthly payments of 525 for the next five years what APR has she paid?

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sqdancefan sqdancefan

23-06-2018

A suitable financial calculator can tell you the interest rate is about 3.5863%.

_____
There is no explicit formula for APR. It must be solved for iteratively or graphically.

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