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Amount Financed (m) = $1,860 Number of Payments per year (y) = 12 Number of Payments (n) = 36 Total Interest (c) = $350.00

Amount Financed (m) = $1,860 Number of Payments per year (y) = 12 Number of Payments (n) = 36 Total Interest (c) = $350.00
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Amount Financed (m) = $1,860 Number of Payments per year (y) = 12 Number of Payments (n) = 36 Total Interest (c) = $350.00

User Bsd
by
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2 Answers

6 votes

Answer:

I=12.21%

Explanation:

User Patrick Harrington
by
7.4k points
5 votes
Hi there
The formula to find I (ARP)

I=(2yc)/(m×(1+n)
I=(2×12×350)÷(1,860×(1+36))
I=0.1221×100
I=12.21%

Good luck!
User Webblover
by
8.0k points
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