Question
3. (15 points) You borrow $24,000 from a car dealer and you will pay $500 per month from the first month for six years
3. (15 points) You borrow $24,000 from a car dealer and you will pay $500 per month from the first month for six years to pay off the car loan. You will make the same payment every month and the interest is compounded monthly. What is the annual effective interest rate of this car loan?
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Financial Accounting Fundamentals
Authors: John Wild
3rd edition
978-0073527048, 0073527041, 978-0077544652
