16.) Susan is making monthly payments of $207.31 to pay off a 3½ year loan for $6400. What is her add-on interest rate (to the nearest tenth of a percent)?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.1: Functions Given By Formulas
Problem 2TU: What is your monthly payment if you borrow 5000 at a monthly rate of 0.61 and pay it off in 5 years?
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16.) Susan is making monthly payments of $207.31 to pay off a 3½ year loan for $6400.
What is her add-on interest rate (to the nearest tenth of a percent)?
Transcribed Image Text:16.) Susan is making monthly payments of $207.31 to pay off a 3½ year loan for $6400. What is her add-on interest rate (to the nearest tenth of a percent)?
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