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?
a. 5%
b. 59%
c. 05%
d. 5.9%

(D) 5.90%

Explanation: David is going to buy a new car at $21,349.

The down payment is $3,000.

Loan amount (Present value) = $21,349 - $3,000

Loan amount (Present Value) = $18,349

Installment amount (pmt) = $352

As the payment is made monthly (12 months in a year),

Number of payments = 5 * 12

Number of payments = 60

Using the rate option in excel,

Insert the variables into the option, we get

By inserting the above formula in excel we get,

Rate = 0.47%

Rate of 0.47% is monthly, to get APR

APR = 0.0586

APR = 5.86% or 5.90%

Therefore the correct option is 5.90%.

answer; (c) communism and socialism;

consumer credit. an advantage is that it allows consumers to afford expensive goods and services now, increasing their standard of living. however, a disadvantage is that it creates a trap for debt, if people do not have self control, they may see themselves filing personal bankruptcy.