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Cash price is $6,000. a down payment of 10% is required. monthly payments will be $120 a month for 52 months

Sagot :

Parrain

Based on the total payment, and the down payment, the interest rate can be found to be 6.72%.

What is the interest rate?

First find the loan amount to be:

= 6,000 x (1 - 10% down payment)

= $5,400

The interest rate can be found by a spreadsheet formula called RATE.

Number of periods = 52

Payment = 120

PV = $5,400 loan amount

Rate will be:

= 0.00560

= 0.560%

In yearly terms this is:

= 0.560 x 12 months

= 6.72%

Find out more on interest rates at https://brainly.com/question/2151013.

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