Audrey is buying a new car for 32,998.00. She plans to make a down payment of 4,200.00. If she's to make monthly payments of $525 for the next five years, what APR has she paid
The price of the new car is 32 998.00 dollars => he made a down payment of 4,200.00 dollars => 32 998.00 - 4,200.00 = 28 798 dollars remaining => She pays 525 dollars for the next 5 years => 525 * 12 months = 6300 dollars * 5 years = 31 500 dollars => 31 500 dollars - 28 798 = 2702 => 2702 / 5 years = 540.4 dollars is the APR.
