Explore BrainMass

Explore BrainMass

    Annual rate of interest (APR)

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    JD needs to borrow $15000 to buy a powerboat. The boat dealer is offering a rock bottom deal of thirty-six easy monthly payments of $399 plus a "balloon" payment of $6773.85 due at the end of the last month. What is the annual rate of interest (APR) the dealer is charging on this loan?

    © BrainMass Inc. brainmass.com June 3, 2020, 8:14 pm ad1c9bdddf
    https://brainmass.com/business/interest-rates/annual-rate-interest-apr-129677

    Solution Preview

    JD needs to borrow $15000 to buy a powerboat. The boat dealer is offering a rock bottom deal of thirty-six easy monthly payments of $399 plus a "balloon" payment of $6773.85 due at the end of the last month. What is the annual rate of interest (APR) the dealer is charging on this loan?

    PVIF= Present Value Interest ...

    Solution Summary

    Calculates the annual rate of interest (APR) the dealer is charging on this loan.

    $2.19

    ADVERTISEMENT