Question
Amortization schedule with periodic payments . Moulton Motors is advertising the following deal on a new Honda Civic: Monthly payments of $309.32 for the next
Amortization schedule with periodic payments.Moulton Motors is advertising the following deal on a new Honda Civic: "Monthly payments of $309.32 for the next 60 months and this beauty can be yours!" The sticker price of the car is $16,000. If you bought the car, what interest rate would you be paying in both APR and EAR terms?
Round answers two decimal places.
If you bought the car, what monthly interest rate would you be paying? ___%
If you bought the car, what annual percentage rate (APR) would you be paying? ___%
If you bought the car, what effective annual rate (EAR) would you be paying? ___%
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Authors: Mark Graham
1st Edition
0648678830, 978-0648678830
