Question

thomas borrowed $4800 to buy a new car. he will be paying $96 each month for the next 60 months. find the simple interest rate for his car loan.
☻i♥zee☻
oh, i may be able to help. Im learning this right now ubt i'm in the 6th. give me a sec and i can try.
Cassandra
oh you don't have to worry about it.
☻i♥zee☻
IR = ($96 * 60 - $4800) / 5 / $4800 * 100% = 4%