Shady Motors will sell you a $10,000 used car for $400 a month for 60 months. What is the interest rate?

Group of answer choices

3.49 percent
6.98 percent
13.96 percent
27.91 percent
41.87 percent

Expert Solution

Interest rate = Monthly Interest rate * 12

Interest rate = 3.49% * 12

Interest rate = 41.87% Option E

jeff jeffy answered 2 years ago

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Question

Shady Motors will sell you a $10,000 used car for $400 a month for 60 months. What is the interest rate?

Solutions

Expert Solution

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