John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest? A) 63% B) 33% C) 3.6% D) 36%

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mrsmoore2011 mrsmoore2011

03-06-2016
Mathematics

contestada

John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest? A) 63% B) 33% C) 3.6% D) 36%

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W0lf93 W0lf93 · Answer 1 · 2017-08-11T00:43:41+02:00

The extra cost can be calculated by working out the total he has spent and subtracting the value of the truck. He spends $1500 on a downpayment and (350 x 10 = $3500) on monthly payments, giving him a total outlay of $5000. This means he overspent by $500. $500 interest was paid for 10 months, so at that same rate, $600 would have been paid for 12 months. $600 as a percentage of the cost of the truck minus the down payment ($3000) is 20%.