Sly's Used Cars just sold you aclunker (you need it to get toclass on time). You financed the$4,728.48 purchase price for 24months. They said your paymentwould be $250. What interestrate did they charge you (assume monthly compounding)?

Loan amount = $4,728.48Monthly payment = $250Number of months = 24 months

Answered: S Cars Just sold you a clunker (you…

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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A 110. Subject:- finance

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S Cars Just sold you a clunker (you need it to get to class on time). You financed the $4,728.48 purchase price for 24 months. They said your payment