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You are shopping for a car and read the following advertisement in the newspaper: "Own...

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Finance

You are shopping for a car and read the following advertisement in the newspaper: "Own a new Spitfire! No money down. Four annual payments of just $ 17, 000." You have shopped around and know that you can buy a Spitfire for cash for $ 61 ,200. What is the interest rate the dealer is advertising? Assume that you must make the annual payments at the end of each year.

Group of answer choices

4.35%

4.15%

4.39%

3.35%

Answer & Explanation Solved by verified expert
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