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8 June, 19:04

Ryker wants a new car. The dealership offers him a loan at 9% annual interest for 6 years. If Ryker wants to do some calculations on his own, what monthly interest rate should he use?

Enter your answer as a percent.

Do not round.

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Answers (1)
  1. 8 June, 20:21
    0
    The monthly interest rate is 0.75%

    Step-by-step explanation:

    The rate of interest = 9%

    Total time = 6years

    Interest rate per month = 9/12

    = 0.75%

    Monthly payment = cost of the car + 0.75% of cost of car

    Interest per month is 0.75%
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