Question
Assume you take out a car loan of $7,300 that calls for 60 monthly payments of $170 each. a. What is the APR of the
| Assume you take out a car loan of $7,300 that calls for 60 monthly payments of $170 each. |
| a. | What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) |
| APR | % |
| b. | What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) |
| EAR | % |
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Real Estate Finance And Investment
Authors: Terrence M. Clauretie, G. Stacy Sirmans
8th Edition
1629809942, 9781629809946
