mason has an offer to buy an item with a sticker price of $14,800 by paying

8530 a month for 36 months. what interest rate is mason being offered?

a 12.8%

b. 25.7%

c6.4%

d8,5%

d 8,5%, the most probable, provided the error in the question is confirmed!!!

Step-by-step explanation:

Mason has an offer to buy an item with a sticker price of P= $14,800.

He is to pay $8530 a month for 36 months.

Total amount paid by Mason will be

$8530*36= $307,080

This will be very outrageous compared to the sticker price!!!

If we presume he is paying yearly 8530 for 36 months or 3 years.

Then total amount paid will be 8530*3 = $25590

Also very high in my opinion.

Perhaps the dollar sign was wrongly typed as '8' in the question and he pays only $530 monthly,

Then the total amount paid will be $19,080

This is quite reasonable.

If the interest rate is compounded for n (n=3, 36 months = 3 years)

years, thus

19080= ((P*(1+i)^n) , meaning

19080 =((14800(1+i)^3), which when evaluated yields

i=8.8%

what do you need me to answer?

step-by-step explanation:

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