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You are in the market for a new car, and have just found the one you want to purchase. You can pay for the car
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You are in the market for a new car, and have just found the one you want to purchase. You can pay for the car with cash for $35,000 today, or you can finance the car for 5 years with monthly payments of $888.77. What is the implied interest rate of the loan?
7.9%
5.1%
1.5%
3.3%
You are in the market for a new car, and have just found the one you want to purchase. You can pay for the car with cash for $35,000 today, or you can finance the car for 5 years with monthly payments of $888.77. What is the implied interest rate of the loan?
| 7.9% | ||
| 5.1% | ||
| 1.5% | ||
| 3.3% |
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