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Assume you take out a car loan of $7,800 that calls for 60 monthly payments of $220 each. a. What is the APR of
Assume you take out a car loan of $7,800 that calls for 60 monthly payments of $220 each. a. What is the APR of the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel. Annual percentage rate % b. What is the effective annual interest rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Effective annual rate %
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur Keown, John Martin
12th edition
133423824, 978-0133423822
