Question

Ryan took out a 66-month loan to pay for $28,500 car. If he paid $33,829.50 in total at the end of the loan, find the interest rate.

Answer 1

. 28%

Explanation:

I=Prt I = interest paid, P = principal r=rate t=term

33,829.50- 28500=5329.50 to get I

28500x r x 66=1,881,000r

5329.50=1,881,000r

5329.50/1881000=. 0028333 convert to % is .28%