Answer: 13.39%per annum
Lola is currently paying $445.16 per month for 5 years on a $15,999 car. how much will she pay in interest?
If Lola is currently paying $445.16 per month, she is actually to pay ($445.16X12X5) or $i26709.6 in 5 years. Total interest would be ($26709.6-$15,999) or $10710.6. Annual interest is computed a:
$.10710.6/15,999X100=13.39%