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Finding the Annual Interest Rate on a Car Loan

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(Rate of return of an annuity) Paul's Perfect Peugeot says they'll sell you a brand new Italian's Iron Man motor scooter for $1699. Financing is available, and the terms are 10% down and payments of $46.57 a month for 40 months. What annual interest rate is Paul charging you?

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Solution Summary

Using Excel, this solution illustrates how to find the annual interest rate on a car loan.

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