Question
Crazy Cliff's Car Coral has agreed to sell you a slightly used Mustang for $10,000. You agreed to make a $2000 down payment and weekly
Crazy Cliff's Car Coral has agreed to sell you a slightly used Mustang for $10,000. You agreed to make a $2000 down payment and weekly payments of $150 for two years beginning next week. What is the effective annual rate (EAR) of this loan?
The correct answer is 112.42%. Please explain how to get to correct answer.
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Survey Of Economics, Principles, Applications, And Tools
Authors: Arthur O'Sullivan, Steven M. Sheffrin, Stephen J. Perez
5th Edition
0132556073, 978-0132556071
