Question
A car dealer carries out the following calculations. List price $ 15,428.00 Options $ 3,625.00 Destination charges $ 350.00 Subtotal $ 19,403.00 Tax $ 1,164.18
A car dealer carries out the following calculations.
| List price | $ | 15,428.00 |
| Options | $ | 3,625.00 |
| Destination charges | $ | 350.00 |
| Subtotal | $ | 19,403.00 |
| Tax | $ | 1,164.18 |
| Less trade-in | $ | 7,950.00 |
| Amount to be financed | $ | 12,617.18 |
| 9% interest for 48 months | $ | 4,542.18 |
| Total | $ | 17,159.36 |
| MONTHLY PAYMENT | $ | 357.49 |
What is the annual percentage rate? (Round your answer to one decimal place.)
Step by Step Solution
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To calculate the annual percentage rate APR you can use the formula APR Total Interest P...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
