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OpenStudy (anonymous):
Dex borrowed $4,200 to buy furniture. He will be paying $108.50 per month for the next 48 months. Find the simple interest rate for his loan.
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OpenStudy (anonymous):
To solve this problem, take the monthly payment and multiply it by the number of months to find the total cost of the loan, $5,208.00. Then subtract the original loan amount of 4,200 to find the total interest paid, 1,008. Divide that by the loan amount, $4,200 and divide by 4 years for a loan rate of 6.0% per year.
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