Question

Amount amount financed equal 1750 number of payments per year is 12 number of payment equals 336 total interest equals $300 what's the interest percent

Answer 1

I total = 300

I total = P*i*n

i = annual interest rate

i = Itotal(P*n)
i = 300/(1750*3) ; n = 3 years
i = 5.71%

Monthly interest = 300/(1750*(3*12))

n = 3 years * 12 months

Monthly interest = 0.47%