A car dealer carries out the following calculations.What is the annual percentage rate? List price: $5,227.00 , Options: $1,625.00 , Destination charges: $200.00 , Subtotal : $7,052.00, Tax : $431.58 , Less trade-in: $2,932.00 , Amount to be financed: $4,691.03 , 10% interest for 48 months: $1,501.63 , Total: $6,192.66 , MONTHLY PAYMENT: $129.00

A car dealer carries out the following calculations.What is the annual percentage rate? List price: $5,227.00 , Options: $1,625.00 , Destination charges: $200.00 , Subtotal : $7,052.00, Tax : $431.58 , Less trade-in: $2,932.00 , Amount to be financed: $4,691.03 , 10% interest for 48 months: $1,501.63 , Total: $6,192.66 , MONTHLY PAYMENT: $129.00

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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