Sultans Used Cars just sold you a clunker (you need it to get to class on time) You financed the $32,000 purchase price for 48 months They said your payment would be $790 What interest rate did they charge you (assume monthly compounding) I need the formula (Not excel formula) as well Thank you

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Sultans Used Cars just sold you a clunker (you need it to get to class on time). You financed the $32,000 purchase price for 48

Sultans Used Cars just sold you a clunker (you need it to get to class on time). You financed the $32,000 purchase price for 48 months. They said your payment would be $790. What interest rate did they charge you (assume monthly compounding)?

I need the formula (Not excel formula) as well. Thank you

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