One of the largest car dealers in the city advertises
Chapter , Problem 4-100(choose chapter or problem)
One of the largest car dealers in the city advertises a3-year-old car for sale as follows:Cash price $13,750, or a down paymentof $1375 with 45 monthly payments of$361.23.Susan DeVaux bought the car and made a downpayment of $2000. The dealer charged her the sameinterest rate used in his advertised offer. What is themonthly interest rate? How muchwill Susanpay eachmonth for 45 months? What effective interest rate isbeing charged?
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