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What was the average (arithmatic mean) amount of interest

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Manager
Joined: 16 May 2004
Posts: 118

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Location: Thailand
What was the average (arithmatic mean) amount of interest [#permalink]

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22 May 2004, 07:44
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What was the average (arithmatic mean) amount of interest charged per year to finance a model RX sports car?

(1) a down payment of \$3,000 was made on the car and the remaining 70 percent of purchase price was financed

(2) The total amount financed plus the total interest charges was \$10,800
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Manager
Joined: 10 Mar 2004
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Location: Dallas,TX

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22 May 2004, 07:48
No. of years not known so i guess (e).

cheers

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CEO
Joined: 15 Aug 2003
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25 May 2004, 08:54
anyone else want to participate and explain?

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SVP
Joined: 30 Oct 2003
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Location: NewJersey USA

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25 May 2004, 10:54
I believe as the installments are paid the amount paid as the interest also reduces. Since we dont know number of years it is not possible to determine the mean of interests paid per year.

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25 May 2004, 10:54
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