1. You want to buy a $37,000 car. The dealer offers you 6% APR for 7 years. You have a down payment of $4,000. What is your monthly car payment?

Round your answer to two decimal places.

Group of answer choices

$540.52

$482.08

$578.95

$375.52

2.Alexander realizes that he has charged too much on his credit card and has racked up $6,000 in debt. If he can pay $225 per month and the credit card charges 18% APR (compounded monthly), how many months will it take him to pay off the debt?

Use the exact answer from your calculation rounded to two decimal places.

3. A loan has an APR of 11% but is compounded quarterly. The loans effective annual rate (EAR) is 11.46% (rounded to two decimal places). True or False?

Group of answer choices

True

False