Solved: Find that the interest charge of 17000 or 1365000025 years, Cost Accounting

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Find that the interest charge of 17000 or 1365000025 years

You are considering buying a $50,000 car. The dealer has offered you a 13.6 percent loan with 30 equal monthly payments. On questioning him, you find that the interest charge of $17,000 (or .136*$50000*2.5 years) is added to the $50000 for a total amount of 67000. The payments are $2233.33 a month. What is the approximate effective annual interest rate?

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Cost Accounting: Find that the interest charge of 17000 or 1365000025 years

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Cost Accounting: Find that the interest charge of 17000 or 1365000025 years

Reference No:- TGS0816648

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