Stetson's most expensive cowboy hat costs $5000. If you take out a 5-year add-on loan to buy the hat with monthly payments of $170, what is the interest rate on the loan? Enter your answer as percentage, rounded to two decimal places if necessary (for example, if the interest rate is 5.4321%, enter your answer as 5.43).

Answer rating: 100% (QA)

To find the interest rate on the loan we can first calculate the total amount paid over the 5year lo... View the full answer