Based on the total payment, and the down payment, the interest rate can be found to be 6.72%.
What is the interest rate?
First find the loan amount to be:
= 6,000 x (1 - 10% down payment)
= $5,400
The interest rate can be found by a spreadsheet formula called RATE.
Number of periods = 52
Payment = 120
PV = $5,400 loan amount
Rate will be:
= 0.00560
= 0.560%
In yearly terms this is:
= 0.560 x 12 months
= 6.72%
Find out more on interest rates at https://brainly.com/question/2151013.
