67. Useless Motors will sell you a $15,000 car for $399 a month for 48 months....

Question

Question

67. Useless Motors will sell you a $15,000 car for $399 a month for 48 months. What is the APR?

business finance

Answer 1

Answer #1

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Answer:

PV = -15,000

Nper = 48 months

PMT = 399

Monthly interest rate can be calculated using excel

=> RATE(48,399,-15000,0) = 1.05%

= 12.54% (monthly APR multiplied by 12)

Answer 2

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