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2. You want to buy a new sports coupe for $30,000, and the finance office at the dealership has quoted you an APR of 4.2

2. You want to buy a new sports coupe for $30,000, and the finance office at the dealership has quoted you an APR of 4.2 percent for a 60-month loan to buy the car.

A. What will your monthly payments be?

b. What is the effective annual rate on this loan?

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