Suppose you bought a new car with a 5 year loan that requires monthly - 14580

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Suppose you bought a new car with a 5 year loan that requires monthly payments. The amount borrowed is $21,500. The monthly payment is $418.25. What is the annual percentage interest rate (APR) on this loan?
Answer
a. 6.26%
b. 6.00%
c. 3.97%
d. 17.43%

Solution Description

 

Suppose you bought a new car with a 5 ye