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The Colvilles are buying a new car. The cash price is $35,000.00. They will make a down payment of 20% or $5,000. The balance will be covered by an installment loan. The loan will be repaid in 48 monthly payments of $651. The annual percentage rate for the loan is
%. (Round your answers to two decimal places.)

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sqdancefan

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Answer:

  2.01% for a down payment of $5000

  5.49% for a down payment of 20%

Step-by-step explanation:

There is no formula for the APR of a loan, given its other parameters. The value must be found using iterative or graphical means. The attached shows a graphical solution for each of the two cases for a 4-year loan.

  For 20% down payment, APR ≈ 5.49%

  For $5,000 down payment, APR ≈ 2.01%

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Answer:

2.01% for a down payment of $5000

 5.49% for a down payment of 20%

Step-by-step explanation:

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