Question

Ryker wants a new car. The dealership offers him a loan at 9% annual interest for 6 years. If Ryker wants to do some calculations on his own, what monthly interest rate should he use?

Enter your answer as a percent.


Do not round.

Answer 1

The monthly interest rate is 0.75%

Explanation:

The rate of interest= 9%

Total time = 6years

Interest rate per month = 9/12

= 0.75%

Monthly payment =cost of the car + 0.75% of cost of car

Interest per month is 0.75%