16. John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?

A. 33%

B. 3.6%

C. 63%

D. 36%

Question

Mathematics

Jonathon Martinez

21 July, 03:50

16. John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?

A. 33%

B. 3.6%

C. 63%

D. 36%

+2

Answers (1)

Know the Answer?

Casey Rivera · Answer 1

10*350 = 3500

Total amount paid - 1500+3500 = 5000

So an amount of $5000 was paid to cover the cost of $4500 within the 10 month period.

So you answer is A. 33%

16. John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?A. 33%B. 3.6%C. 63%D. 36%

16. John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?

A. 33%

B. 3.6%

C. 63%

D. 36%