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David is buying a new car for $21,349.00. He plans to make a down payment of $3,000.00. If he's to make monthly payments of $352 for the next five years, what APR has he paid?

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Aliwohaish12
Hi there

Amount financed
21349-3000=18349

Total paid
5years=60months (12×5)
352×60
=21,120

Total interest
21,120−18,349
=2,771

APR is
(2,771×2×12)÷(18,349×61)
=0.059×100=5.9%...answer

Hope it helps

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