The formula that approximates the annual interest rate of a monthly installment loan is given by:
where N is the total number of payments, M is the monthly payment, and P is the amount financed. Approximate the annual interest rate for a four-year car loan of $10,000 that has monthly payments of $675. (Round your answer to two decimal places.)
?
A. 87.19%
B. ?86.19%
C. ?90.19%
D. ?89.19$
E. ?88.19%
Answer: E
Mathematics
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