Thomas borrowed 4800$ to buy a new car. he will be paying 96$ a each month for the next 60 months. find the simple interest rate for his car loan.

The Rate at which car is loaned is 4 % .

Step-by-step explanation:

Given as ;

The amount borrowed by Thomas to buy new car = $ 4800

The time period = 60 months = 5 years

The Amount paid per months = $ 96 × 60 = $ 5760

Let The rate of interest applied = R % simple interest

So, Simple - Interest = Amount - principal

Or,  Simple - Interest = $ 5760 -$ 4800 = $ 960

So, From Simple Interest method

Simple Interest =

Or, $ 960 =

or, 960×100 = 24000 × R

∴ R = = 4 %

Hence The Rate at which car is loaned is 4 % . Answer

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step-by-step explanation:

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