Question
8. (10 pts) The Phi Nancy Company will lend you $10,000 for your new car purchase. Phi Nancy requires that you pay the loan back
8. (10 pts) The Phi Nancy Company will lend you $10,000 for your new car purchase. Phi Nancy requires that you pay the loan back in monthly payments of $550 each, for a total of thirtysix monthly payments.
What is the annual percentage rate APR (the annual interest rate) that the company charges you?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes
10th Edition
0073530697, 9780073530697
