A car dealer carries out the following calculations. List price $ 5,368.00 Options $ 1,625.00 Destination charges $ 200.00 Subtotal $ 7,193.00 Tax $ 431.58 Less trade-in $ 2,932.00 Amount to be financed $ 4,692.58 15% interest for 48 months $ 2,815.55 Total $ 7,508.13 MONTHLY PAYMENT $ 156.42 What is the annual percentage rate? (Round your answer to one decimal place.) %
A car dealer carries out the following calculations. List price $ 5,368.00 Options $ 1,625.00 Destination charges $ 200.00 Subtotal $ 7,193.00 Tax $ 431.58 Less trade-in $ 2,932.00 Amount to be financed $ 4,692.58 15% interest for 48 months $ 2,815.55 Total $ 7,508.13 MONTHLY PAYMENT $ 156.42 What is the annual percentage rate? (Round your answer to one decimal place.) %
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A car dealer carries out the following calculations.
| List price | $ | 5,368.00 |
| Options | $ | 1,625.00 |
| Destination charges | $ | 200.00 |
| Subtotal | $ | 7,193.00 |
| Tax | $ | 431.58 |
| Less trade-in | $ | 2,932.00 |
| Amount to be financed | $ | 4,692.58 |
| 15% interest for 48 months | $ | 2,815.55 |
| Total | $ | 7,508.13 |
| MONTHLY PAYMENT | $ | 156.42 |
What is the annual percentage rate? (Round your answer to one decimal place.)
%
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