Question
Fast Eddie's Used Cars will sell you a 2000 Ford Taurus for $3,000 with no money down. You agree to make weekly payments of $40
Fast Eddie's Used Cars will sell you a 2000 Ford Taurus for $3,000 with no money down. You agree to make weekly payments of $40 for two years, beginning one week after you buy the car. What is the EAR of this loan?
A) 34.43% B) 36.55% C) 40.94% D) 42.34% E) 53.01%
Answer is C. But can you show me how to get the answer via excel or financial calculator. Thnaks
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Corporate Finance Reader
Authors: Robert W. Kolb
2nd Edition
1878975536, 978-1878975539
