SOLUTION: A car dealer will sell you a used car for $6,549 with $549 down and payments of $205.67 per month for 36 months. What is the simple interest rate? Please help me to solve this prob
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Question 651233: A car dealer will sell you a used car for $6,549 with $549 down and payments of $205.67 per month for 36 months. What is the simple interest rate? Please help me to solve this problem. Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! 205.67*36=7404.12
7404.12-6000=1404.72
i=Prt
1404.72=6000*r*3
1404.72=18000r
1404.72/18000=0.078=7.8%
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