Question

Ryan took out a 66-month loan to pay for a $28,500 car. If he paid $33,829.50 in total at the end of the loan, find the interest rate.

Answer 1

the answer is 18.7, I believe



$\frac{33829.5 \times 100}{28500} - 100 \\ = \frac{3382950}{28500} - 100 =118.7 - 100 \\ = 18.7$

good luck