SOLUTION: Eduardo noticed that his new car loan papers stated that with a 7.5% interest rate, he would pay $6,596.25 in interest over 5 years. How much did he borrow to pay for his car?
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Question 1191327: Eduardo noticed that his new car loan papers stated that with a 7.5% interest rate, he would pay $6,596.25 in interest over 5 years. How much did he borrow to pay for his car?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
6596.25/5=1319.25 per year interest
1318.25/0.075=17590 amount financed
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