A car dealer offers payments of S522.59 per month for 48 months on a S25, 000 car purchase (Assume a S4, 000 cash down payment) . What is the loan'sapproximate annual percentage rate of interest? 12 % 9% 6% 11%

A car dealer offers payments of S522.59 per month for 48 months on a S25, 000 car purchase (Assume a S4, 000 cash down payment) . What is the loan'sapproximate annual percentage rate of interest? 12 % 9% 6% 11%

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

A car dealer offers payments of S522.59 per month for 48 months on a S25, 000 car purchase (Assume a S4, 000 cash down payment) . What is the loan's
approximate annual percentage rate of interest? 12 % 9% 6% 11%

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