Question
Loan Payments a. If you take out an $11,500 car loan that calls for 48 monthly payments starting after 1 month at an APR of
Loan Payments
| a. | If you take out an $11,500 car loan that calls for 48 monthly payments starting after 1 month at an APR of 16.00%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
| Monthly payment | $ |
| b. | What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
| Effective annual interest rate | % |
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
