Samir purchased a car for $40,000. He made a down payment of $20,000 and paid $631.33 monthly
For 3 years. Find the APR from the table below.
A)7.0%
B)7.5%
C)8.5%
D)8.0%

Name: Samir purchased a car for $40,000. He made a down payment of $20,000 and paid $631.33 monthly For 3 years. Find the APR from the table below. A)7.0% B)7.5% C)8.5% D)8.0%
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Question

Samir purchased a car for $40,000. He made a down payment of $20,000 and paid $631.33 monthly
For 3 years. Find the APR from the table below. 
A)7.0% 
B)7.5% 
C)8.5% 
D)8.0%

Quizplus · Accepted Answer

Using a financial calculator or formula, the APR can be found to be approximately 8.5%. This is the closest option available in the table.

Samir Purchased a Car for $40,000