Adealer offers a $35,000 car with a downpayment of $3,000 and 65 easy monthly payments of $539.99. how much monthly interest rate is he charging?

0.285%

Step-by-step explanation:

Given,

The original value of the car = $ 35,000,

Amount of down payment = $ 3000,

So, the principal amount of the loan, P.V. = 35,000 - 3,000 = $ 32,000

Now, the amount of each monthly payment P= $ 539.99,

Number of monthly payments, n = 65,

Since, the monthly payment formula is,

Where, r is the monthly interest rate,

By graphing calculator,

Thus, he is being charged 0.285 % interest per month.

add 5 subtract 1

step-by-step explanation: