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a. If you take out an $37,000 car loan that calls for 48 monthly payments starting after 1 month at an APR of 9.20%, what
| a. | If you take out an $37,000 car loan that calls for 48 monthly payments starting after 1 month at an APR of 9.20%, 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 | % |
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The Routledge Handbook Of FinTech
Authors: K. Thomas Liaw
1st Edition
0367263599, 978-0367263591
