Problem refer to the following ads. The ad for a Bison SUV claims that a monthly payment
Question:
Problem refer to the following ads.
The ad for a Bison SUV claims that a monthly payment of $399 constitutes 0% financing. Explain why that is false. Find the annual interest rate compounded monthly that is actually being charged for financing $23,997 with 72 monthly payments of $399.
Transcribed Image Text:
2020 BISON SEDAN 2020 BISON SUV Zero down - 0% financing $299 per month* Zero down - 0% financing $399 per month* Buy for $17,485. Buy for $23,997. Bison sedan, 0% down, 0% for 72 months * Bison SUV, 0% down, 0% for 72 months
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Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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