Question

You borrow $2,500. You are to pay back the loan in 36 monthly payments of $79.50.
What true annual interest are you paying to the nearest tenth of a percent?

Answer 1

I'm not sure if this works but you should use the formula i = prt so then, i is the intrest rate, p is the principal, and t is the time in years. So, you have 36 years, and the money.