Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).
A car with a sticker price of $42,550 with factory and dealer rebates of $5,100

(a) Find the monthly payment if financed for 60 months at 0% APR.(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months

(c) Use the APR approximation formula to find the APR for part (b). 3799.70 Incorrect: Y

Question

Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). 
A car with a sticker price of $42,550 with factory and dealer rebates of $5,100 

(a) Find the monthly payment if financed for 60 months at 0% APR.(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months

(c) Use the APR approximation formula to find the APR for part (b). 3799.70 Incorrect: Y