Answered step by step
Verified Expert Solution
Question
1 Approved Answer
24. If you take out an $42,000 car loan that calls for 72 monthly payments starting after 1 month at an APR of 16.50%, what
| 24. If you take out an $42,000 car loan that calls for 72 monthly payments starting after 1 month at an APR of 16.50%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
| Monthly payment | $ |
| b. | What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
| Effective annual interest rate | % |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Smart Investors Survival Guide
Authors: Charles Carlson
1st Edition
0385503873, 978-0385503877
