Asked by Mary

5,590 Financed with finance charge of $1693.77 with 36 payments. What is approximate annual per centage rate
Answered by Ms. Sue
1693.77 / 5590 = 0.303

0.303 / 3 = 0.101 = 10% annual percentage rate

Answered by Reiny
We would have to solve the equation
7283.77 = payment( (1+i)^36 - 1)/i , where i is the monthly rate

There are two unknowns in that ONE equation, namely i and payment, so it cannot be solved.

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