A $10,000 car loan has payments of $361 52 per month for three years What is the interest rate Assume monthly compounding and give the answer in terms of an annual rate ...

A $10,000 car loan has payments of $361.52 per month for three years. What is the interest

Question:

A $10,000 car loan has payments of $361.52 per month for three years. What is the interest rate? Assume monthly and give the answer in terms of an annual rate.

Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...