An auto dealership is advertising that a new car with a sticker price of $ 33,768 is on sale for $25,995 if payment is made in full, or it can be financed at % interest for 72 months with a monthly payment of $469 . Note that 72 payments*\$469 per psyment=533.768. which is the sticker price of the carBy allowing you to pay for the car in a series of payments (starting one month from now) rather than \$25,995 now, the dealer is effectively loaning you 525,995, you choose the % financing option, what is the effective interest rate that the auto dealership is earning on your loan? (Hint: Discount the payments back to current dollars, and use Goal Seek to find the discount rate that makes the present value of the payments- - 525.995 )
