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Friday, April 19, 2024    		 
Household Math™: Auto Loan Rate
by Scott Bilker
Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
 
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Test your knowledge by trying to solve these DebtSmart, Household Math™ problems! After you complete the problem you’ll get the solution and explanation.
 
1. Mary Jane borrowed $9,200 to buy a used car. She made equal monthly payments for 3 years and that paid off the loan in full. After that time she added up how much she paid in total to the loan. She was surprised to find that 14.81% of the total amount she paid back over the course of 3 years were interest charges for the loan! What was Mary Jane’s APR for this loan?
7.96%
9.20%
10.72%
14.81%
I don't know!



 

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