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what is the right way to set up a formula in finances for a simple interest word problem: P=6853 down pymt=853 monthly pymt = 163.00 per month for 48 months.

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6,853 - 853 = 6,000

163 * 48 = 7,824

7,284 - 6,000 = 1,284 interest

1,284/6,000 = 0.214 = 21.4% interest

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