17. David is buying a new car for $21,349.00. He plans to make a down payment of $3,000.00. If he's to make monthly payments of $352 for the next five years, what APR has he paid?

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28-05-2018
Mathematics

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17. David is buying a new car for $21,349.00. He plans to make a down payment of $3,000.00. If he's to make monthly payments of $352 for the next five years, what APR has he paid?

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brokenheart1 brokenheart1 · Answer 1 · 2018-05-28T06:30:10+02:00

brokenheart1 brokenheart1

28-05-2018

Hi there

Amount financed
21349-3000=18349

Total paid
5years=60months (12×5)352×60 =21,120

Total interest
21,120−18,349=2,771

APR is(2,771×2×12)÷(18,349×61)=0.059×100=5.9%...answer

Hope it helps!

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Catlover123456789 Catlover123456789 · Answer 2 · 2018-05-28T09:57:23+02:00

Catlover123456789 Catlover123456789

28-05-2018

The answer would be 5.9%

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