Chapter 5 Question 20 Calculating Loan Payments You want to buy a new sports coupe for $69,300, and the finance office at the dealership has quoted you a loan with an APR of 5.6 percent for 48 months to buy the car. What will your monthly payments be? What is the effective annual rate on this loan? Input area: \begin{tabular}{|lr|} \hline Amount borrowed & 69,300 \\ APR & 5.6% \\ # of years & 4 \\ # of times compounded per year & 12 \\ \hline \end{tabular} (Output area) Complete the following analysis. Do not hard code values in your calculations. All answers should be positive