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(Solution) - A car dealer sells a new car for 18 000 He

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A car dealer sells a new car for $18,000. He also offers to sell the same car for payments of $375 per month for five years. What monthly interest rate is this dealer charging? To solve this problem you will need to use the formula for the present value A of an annuity consisting of n equal payments of size R with interest rate I per time period;

Replacing i by x, show that 48x (1 + x)60 ? (1 + x)60 + 1 = 0 Use Newton?s method to solve this equation.


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This question was answered on: Jul 11, 2017

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