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Fast Freddie's Used Cars will sell you a 2 0 1 2 Volkswagen Jetta for $ 5 , 0 0 0 with no money down,

Fast Freddie's Used Cars will sell you a 2012 Volkswagen Jetta for $5,000 with no money down, if you make weekly payments of $80.00 for two years, beginning one week after you buy the car. Is this a good financing deal? Figure out the effective annual rate (EAR) of this loan. (Hint: First figure out the interest rate (r%) and then find the EAR. Note that the r% you calculate is the weekly interest rate).

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