David obtained an installment loan of $9,600 at 15 percent for 45 months. The balance of the loan after 28 payments is $4,844.66. What is the interest rate for payment 29?
David obtained an installment loan of $9,600 at 15 percent for 45 months. The balance of the loan after 28 payments is $4,844.66. What is the interest rate for payment 29?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:David obtained an installment loan of $9,600 at 15
percent for 45 months. The balance of the loan after
28 payments is $4,844 66. What is the interest rate
for payment 29?
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