A car dealer carries out the following calculations. List price $ 5,368.00 Options $ 1,625.00 Destination charges $ 200.00 Subtotal $ 7,193.00 Tax $ 431.58 Less trade-in $ 2,932.00 Amount to be financed $ 4,692.58 15% interest for 48 months $ 2,815.55 Total $ 7,508.13 MONTHLY PAYMENT $ 156.42 What is the annual percentage rate

Answer and Explanation:

Given interest rate =10%

Repayment months= 48 months,

Interest rate =10% for 48 monthsv

To calculate annual percentage rate,

The annual percentage rate = 2 * repayment months* interest rate divided by repayment months + 1

Annual percentage rate= 2*48*10%/48+1

=2*48*0.10/49

= 96*0.10/49

= 9.6/49= 0.1959= 19.59%

Therefore annual percentage rate = 19.59%

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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