Archie bought a car from a dealer.
The dealer sold the car for $7040.
Archie paid a deposit...
Mathematics, 31.08.2021 15:40, nyahdrake
Archie bought a car from a dealer.
The dealer sold the car for $7040.
Archie paid a deposit of $1760.
a) Archie took a loan agreement to repay the outstanding balance of $5280. He paid $212.67 per month for 36 months.
Calculate:
i) The amount of interest that he paid
ii) The rate of simple interest per year that had been charged
b) When the dealer sold the car, he made a profit of 30%. Calculate the profit, correct to the nearest dollar, that the dealer made.
Answers: 3
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