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Sly's Used Cars just sold you a clunker (you need it to get to class on time)- You financed the $4,728.48 purchase price for 24 months- They said your payment would be $250- What interest rate did they charge you (assume monthly compounding)?

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The time value of money is the widely accepted idea that there is greater benefit to receiving a sum of money now rather than an identical sum later.


Sly's Used Cars just sold you a clunker (you need it to get to class on time)- You financed the $4,728.48 purchase price for 24 months- They said your payment would be $250- What interest rate did they charge you (assume monthly compounding)?






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