6. 6.6 Just a little bit each month You have recently finished your MBA.

Naturally, you must purchase a new car immediately. The car costs about $36 000. The bank quotes an interest rate of 15 per cent APR for a 72-month loan with a 10 per cent down payment. You plan on trading the car in for a new one in two years. What will your monthly payment be? What is the effective interest rate on the loan? What will the loan balance be when you trade the car in?