Finding effective annual interest rate that is charged, Accounting Basics

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Finding effective annual interest rate that is charged

Q1) One of the largest automobile dealers in city advertises a 4-year old car for sale as follows:

1. Cash price $6599 Or

2. Down-payment of $1000 with 48 monthly payments of $179.99

Student purchased car and made down payment of $2000. Dealer charged her same interest rate used in advertised offer.

a) How much will student pay each month for 48 months? Illustrate calculations.

b) Determine what effective annual interest rate is being charged? Illustrate calculations.

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Accounting Basics: Finding effective annual interest rate that is charged

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Accounting Basics: Finding effective annual interest rate that is charged

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