One of the largest automobile dealers in the city advertises a 3-year-old car for sale as follows:

Question:

One of the largest automobile dealers in the city advertises a 3-year-old car for sale as follows:
Cash price $3575, or a down payment of $375 with 45 monthly payments of $93.41.
Susan DeVaux bought the car and made a down payment of $800. The charged her the same interest rate used in his advertised offer. How much will Susan pay each month for 45 months? What effective interest rate is being charged?
Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...