Question

Buying a new car for 32998.00 putting down 4200.00 for down payment and making 525.00 monthly payments for five years what apr has been paid

Answer 1

Amount financed
32,998−4,200=28,798

Total paid
525×60 months=31,500

Total interest
31,500−28,798=2,702

APR
(2×12×2,702)÷(28,798×61)
=0.037×100=3.7%....answer