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Help with question 3 please! The first two answers are correct, but I tried $2,191.55 and $2211.30 for part C both aren't correct. Check my
Help with question 3 please! The first two answers are correct, but I tried $2,191.55 and $2211.30 for part C both aren't correct.
Check my work You take out a $7,100 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment $ 225.78 b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual interest rate 9.41 % c. Now assume the payments are made in four annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual paymentStep by Step Solution
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