A used truck for $4,500 he made an agreement with the dealer to put $1,500 and make payments of 350 for the next 10 months that extra costs paid by taking this bill bill is equivalent to what actual yearly rate of interest

Ist amount paid = $1500

Making $350 for 10 months = 10*350 = $3500

Total amount paid = 1500 + 3500 = 5000

So an amount of $5000 was paid to cover the cost of $4500 within the ten month period.

I = PRT

Interest, I = 5000 - 4500 = 500Time, t = 10 months = 10/12 = (5/6) year. Principal P = 4500

R = I / (PT) R = 500 / (4500*5/6)

R = (500*6) / (4500*5)

R = 0.1333 ...

R ≈ 13.33 % per annum.