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8. You want to buy a new sports coupe for $74,600, and the finance office at the dealership has quoted you a loan with an

8. You want to buy a new sports coupe for $74,600, and the finance office at the dealership has quoted you a loan with an APR of 7 percent for 60 months to buy the car.

What will your monthly payments be?

What is the effective annual rate on this loan?

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