Intro You're about to buy a new car for $10,000. The dealer offers you a one-year loan where you pay $888.49 every month for the next 12 months. Since you pay $888.49 12 = $10,662 in total, the dealer claims that the loan's annual interest rate is (10,662-10,000)/10,000 = 6.62% Part 1 What is the actual effective annual rate? 0.06825 Incorrect Part 2 What rate should the dealer quote by law? 0662 Incorrect About Attempt 3/3 for 0 pts. Q Search Attempt 3/3 for 0 pts. Blog Contact Instructor Guide Privacy Accepi 2012-20

Intro Youre about to buy a new car for $10,000. The dealer offers you a one-year loan Where you pay $888.49 every month for the next 12 months. Since you pay $888.4912=$10,662 in total, the dealer claims that the loan's annual interest rate is (10,66210.000)/10,000=6.62% Part 1 Attempt 3/3 for 0pts. What is the actual effective annual rate? incorrect Part 2 - Attempt 3/3 for 0 pts. What rate should the dealer quote by law? Incorrect