An automobile with a total transaction price of
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An automobile with a total transaction price of

An automobile with a total transaction price of $20,000 with a down payment of 20% is being financed for 48 months. Banks and credit unions require a monthly payment of $400.36. What is the APR for this auto loan? Use the table in the Business Math Handbook.

Hint
Accounts & FinanceAPR (Annual Percentage rate) is the annual rate of interest that is charged to borrowers and paid to the investors. It is expressed as a single percentage which represents the actual yearly cost of funds over the income earned on an investment or over the term of a loan. It includes all other costs involved in procuring a loan and also the interest expense of the loan....

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