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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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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?

User Gopala
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1 Answer

3 votes
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.
Audrey is buying a new car for 32,998 she plans to make a down payment of 4200 if-example-1
Audrey is buying a new car for 32,998 she plans to make a down payment of 4200 if-example-2
User Kristian Frost
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