Summer has an offer to buy an item with a sticker price of $13,200 by paying $460 a month for 36 months. what interest rate is summer being offered?

7.6

Step-by-step explanation:

Apex

the annual interest rate is 7.583%

Step-by-step explanation:

We are given

Summer has an offer to buy an item with a sticker price of $13,200

so, we have

P=13200

paying $460 a month for 36 months

so, we can find total amount

Let's assume

annual interest is r

total time =36 months

so, total number of years =3

Since, it is compounded monthly

so, n=12

now, we can use formula

now, we can plug values

now, we can solve solve for r

So, the annual interest rate is 7.583%

c

step-by-step explanation: