## John bought a used truck for $4,500. He made an agreement with the dealer to put $1,500 down and make payments of $350 for the next 10 months. The extra cost paid by taking this deal is equivalent to what actual yearly rate of interest?

To find the actual yearly rate of interest, we will follow these steps: Let’s go step by step: Total = $1,500 + $3,500 = $5,000 Total = $1,500 + $3,500 = $5,000 We can now calculate the actual yearly interest rate using the given numbers. The extra cost paid by John by taking this deal…