Question
Assume you take out a car loan of $7,600 that calls for 60 monthly payments of $200 each. a. What is the APR of the
| Assume you take out a car loan of $7,600 that calls for 60 monthly payments of $200 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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Investing From Scratch A Handbook For The Young Investor
Authors: James Lowell
1st Edition
014303684X, 978-0143036845
