RayBrooke
Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Connect with professionals on our platform to receive accurate answers to your questions quickly and efficiently. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

Approximate the annual interest rate for a 4-year car loan of $16,000 as monthly payments of $400.​

Sagot :

Answer:

R =

Step-by-step explanation:

time = t= 4 years

principal = 16000

interest = I = 400

rate of interest = R = ?

we know,

I = PTR/ 100

R = I* 100/ P*T

R = 400* 100/(16000*4)

  = 0.625%

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.