Question
a. If you take out an $45,500 car loan that calls for 84 monthly payments starting after 1 month at an APR of 8.80%, what
| a. | If you take out an $45,500 car loan that calls for 84 monthly payments starting after 1 month at an APR of 8.80%, 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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Options Futures And Other Derivatives
Authors: John Hull
11th Global Edition
1292410655, 9781292410654
