You have just purchased a car and, to fund the purchase, you borrowed $22,500. If your monthly payments are $430.82 for the next 5 years, what is the APR of the loan?
Multiple Choice
4.81%
5.60%
5.17%
5.77%
6.40%
Ans 5.60%
P = | Regular Payments |
PV = | Loan Amount |
r = | rate of interest |
n = | no of periods |
P = | r (PV) |
1 - (1 + r )-n | |
430.82 = | (r%/12)*22500 |
1 - (1 / (1 + r%/12)^60)) | |
r = | 5.60% |
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